NEW YORK (AP) — Stocks gained ground on Wall Street Friday following a better-than- expected report on the U.S. job market.

The gains were broad, with every sector in the S&P 500 rising. That solidified a second consecutive winning week for the benchmark index, which has rallied back from a slump two months ago to come within striking distance of its record high.

The S&P 500 rose 61.06 points, or 1%, to 6,000.36. It is now within 2.3% of its record.

The Dow Jones Industrial Average rose 443.13 points, or 1%, to 42,762.87. The Nasdaq rose 231.50 points, or 1.2%, to 19,529.95.

Technology stocks, with their outsized values, led the broad gains. Chipmaker Nvidia jumped 1.2% and iPhone maker Apple rose 1.6%.

Tesla rose 3.7%, regaining some of the big losses it suffered on Thursday when Trump and Musk sparred feverishly on social media.

Circle Internet Group, the U.S.-based issuer of one of the most popular cryptocurrencies, rose 29.4%. That adds to its 168% gain from Thursday when it debuted on the New York Stock Exchange.

The U.S. economy contracted during the first quarter. Recent surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both American manufacturing and services businesses contracted last month. On Tuesday, the Organization for Economic Cooperation and Development forecast 1.6% growth for the U.S. economy this year, down from 2.8% last year.

Wall Street expects the Federal Reserve to hold rates steady at its June meeting, but traders are forecasting that it will have to cut interest rates later this year in an effort to prop up the economy.