U.S. stocks hit fresh record highs Thursday after a stronger-than-expected jobs report signaled a resilient labor market.

The S&P 500 rose 0.8%, marking its fourth record in five days, while the Dow and Nasdaq also gained 0.8% and 1%, respectively.

Hiring exceeded forecasts, easing recession fears but pushing Treasury yields higher as traders lowered expectations of a near-term Federal Reserve rate cut.

Gains were broad-based, with travel and bank stocks rallying, the Associated Press has reported.

Meanwhile, homebuilders fell on concerns about persistently high rates.

Written by B.C. Begley