Jobs optimism spurs stocks

U.S. stocks rose while Treasuries fell as the latest labor report showed the American economy continued to strengthen without the prior month’s rapid wage gains that stoked inflation fears. The dollar weakened against most peers.

The S&P 500 rose to the highest since Feb. 1, capping a 3.5 percent rally in the week after employers hired the most workers in almost two years and wages remained stagnant, allaying fears the Federal Reserve may accelerate its rate-hike schedule. The measure sits 3 percent below its all-time high. Tech shares paced gains, taking the Nasdaq Composite to a fresh record as it capped an 12 percent rally since a February low.

Ten-year Treasury yields headed for the first one-week advance in three, while the greenback slid against most major currencies except for the Japanese yen. West Texas crude advanced toward $62 a barrel.

Shares got a boost from news President Trump accepted an invitation to meet North Korean leader Kim Jong Un, which followed a narrower-than-expected tariff plan Thursday from the White House that eased speculation of a trade war.

Allies jostle for tariff exemptions

South Korea made an impassioned appeal to the U.S. secretary of defense and national security adviser, reminding them of its role trying to defang North Korea. Europe pointed out that it was a long-standing military ally of the United States. In seeking to win a respite from tariffs on steel and aluminum imports, U.S. allies tried a mix of persuasion and threats, personal appeals and diplomatic leverage. But they faced a delicate balancing act. A country that offers something in return for an exemption could set a precedent, allowing the White House to make further demands in the future.