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Stock market today: Stocks rise after February jobs report

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All eyes are on the crucial monthly jobs report that could shift the needle on the timing of interest rate cuts.

Stocks climbed on Friday after the February jobs report showed an uptick in the unemployment rate, bolstering investor confidence that the Federal Reserve will cut rates following its June meeting. The S&P 500 rose 0.3% on the heels of another record close logged Thursday, while the Dow Jones Industrial Average increased by 0.2%. The tech-heavy Nasdaq Composite added 0.3% after a sharp gain the previous day. The small cap Russell 2000 also topped its 52-week high.

The market received a boost this week as Chair Jerome Powell told lawmakers that the Federal Reserve is "not far" from being confident inflation is in the right place for the central bank to start bringing down borrowing costs. Showing how the wind is blowing elsewhere, policymakers from the European Central Bank lined up to support a rate cut before their summer break as inflation falls faster than expected.

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