US stock indices spike over 1% after US payroll report

US stock indices rallied on Friday after surprising labor data for March. 

The US government reported the addition of 303 thousand new jobs to the US workforce in March, blasting past estimates of 205 thousand.

The data also showed unemployment down to 3.8%, while average wages rose by 0.3%. 

Following the data, US 10-year treasury yields rose by 5.2 basis points to 4.361%, while two-year yields rose by 6.1 basis points to 4.702%.

The data showed the blistering performance of the US labor sector despite tight monetary measures enacted by the Federal Reserve. 

On trading, the Dow Jones rose 1.1%, or 406 points as of 16:59 GMT to 39,003, while S&P 500 rallied by 1.4%, or 70 points to 5217, as NASDAQ added 1.6%, or 261 points to 16,312.