NEW YORK, New York - A disappointing jobs report revived interest rate cut hopes on Friday pushing U.S. stock markets sharply higher.

Total nonfarm payroll employment increased by 175,000 jobs in April, while the unemployment ratelittle changed at 3.9 percent, the U.S. Bureau of Labor Statistics said in a statement Friday.

"It's really eased investors' fears that the economy may be overheating or reaccelerating, and it's reviving hope for rate cuts," John Hancock Investment Management's co-chief investment strategist Emily Roland said Friday. "That's why rates are falling, bonds are rallying and equity markets are up. Bad news for the jobs market, means the Fed may be able to start cutting later this year."

Here are the closing figures for Friday:

S&P 500 (^GSPC): The Standard and Poor's 500 index closed at 5,127.79, marking an increase of 63.59 points or 1.26 percent.

Dow Jones Industrial Average (^DJI): The Dow Jones Industrial Average concluded the day at 38,675.68, up by 450.02 points or 1.18 percent.

NASDAQ Composite (^IXIC): The NASDAQ Composite index ended at 16,156.33, showing a substantial gain of 315.37 points or 1.99 percent.

As aside from the employment report, investors responded positively to other various economic indicators and corporate earnings reports, driving the market upward. Trading activity was robust, with billions of shares exchanged.

Friday's Foreign Exchange Market Recap

On Friday, the world foreign exchange market saw a major fall in the U.S. dollar with all the major currencies making strong gains. Here are Friday's latest FX rates:

Euro / US dollar (EUR/USD): The euro strengthened against the dollar, with the EUR/USD pair advancing to 1.0767, representing a gain of 0.40 percent.

US dollar / Japanese yen (USD/JPY): The Japanese yen rallied to 152.85, marking gain of 0.46 percent.

US dollar / Canadian dollar (USD/CAD): The Canadian dollar edged up 0.07 percent to 1.3682.

British pound / US dollar (GBP/USD): The British pound gained ground against the greenback, with the GBP/USD pair trading at 1.2549 reflecting an increase of 0.12 percent.

US dollar / Swiss franc (USD/CHF): The Swiss franc was in demand Friday with the USD/CHF pair trading at 0.9048, a gain for the franc of 0.64 percent.

Australian dollar / US dollar (AUD/USD): The Australian dollar strengthened against the U.S. dollar, with the AUD/USD pair jumping to 0.6613, showing a rise of 0.73 percent.

New Zealand dollar / US dollar (NZD/USD): The New Zealand dollar also saw gains against the dollar, with the NZD/USD pair climbing to 0.6015, reflecting an increase of 0.91 percent.

Global Stock Market Update: Friday's Closing Quotes

On Friday, the global stock markets witnessed a mixed performance, with the majority of indices showing modest gains while others experienced slight declines. Here are the closing stock market quotes for various key indices:

CANADA

S&P/TSX Composite index (^GSPTSE): The S&P/TSX Composite index in Toronto closed at 21,947.41, with an increase of 124.19 points or 0.57 percent.

UNITED KINGDOM

FTSE 100 (^FTSE): The FTSE 100 in London closed at 8,213.49, marking a positive movement of 41.34 points or 0.51 percent.

EUROPE

DAX PERFORMANCE-INDEX (^GDAXI): The German DAX PERFORMANCE-INDEX concluded the day at 18,001.60, up by 105.10 points or 0.59 percent.

CAC 40 (^FCHI): The CAC 40 index in Paris, France, ended at 7,957.57, showing an increase of 42.92 points or 0.54 percent.

ESTX 50 PR.EUR (^STOXX50E): The ESTX 50 PR.EUR closed at 4,921.48 Friday, ahead by 30.87 points or 0.63 percent.

Euronext 100 Index (^N100): The Euronext 100 Index ended at 1,504.86, showing a gain of 7.87 points or 0.53 percent.

BEL 20 (^BFX): The BEL 20 index in Brussels concluded at 3,913.37, marking an increase of 20.17 points or 0.52 percent.

ASIA

Nikkei 225 (^N225): The Nikkei 225 in Japan closed at 38,236.07, witnessing a slight dip of 37.98 points or 0.10 percent.

HANG SENG INDEX (^HSI): Hong Kong's HANG SENG INDEX concluded at 18,475.92, registering a gain of 268.79 points or 1.48 percent.

SSE Composite Index (000001.SS): In China, the SSE Composite Index settled at 3,104.82, experiencing a decrease of 8.22 points or 0.26 percent.

Shenzhen Index (399001.SZ): The Shenzhen Index meanwhile closed at 9,587.12, down by 86.63 points or 0.90 percent.

STI Index (^STI): Singapore's STI Index settled at 3,292.93 Friday, experiencing a slight decline of 3.96 points or 0.12 percent.

S&P BSE SENSEX (^BSESN): The S&P BSE SENSEX in Mumbai concluded at 73,878.15, showing a decrease of 732.96 points or 0.98 percent.

NIFTY 50 (^NSEI): India's NIFTY 50 index concluded at 22,475.85, showing a decrease of 172.35 points or 0.76 percent.

IDX COMPOSITE (^JKSE): The IDX COMPOSITE in Jakarta closed at 7,134.72, marking a slight gain of 17.30 points or 0.24 percent.

FTSE Bursa Malaysia KLCI (^KLSE): The FTSE Bursa Malaysia KLCI ended at 1,589.59, up by 9.29 points or 0.59 percent.

KOSPI Composite Index (^KS11): South Korea's KOSPI Composite Index on Friday settled at 2,676.63, experiencing a slight dip of 7.02 points or 0.26 percent.

TSEC weighted index (^TWII): The TSEC weighted index in Taipei, Taiwan, closed at 20,330.32, marking a rise of 107.88 points or 0.53 percent.

OCEANIA

S&P/ASX 200 (^AXJO): Australia's S&P/ASX 200 index ended at 7,629.00, marking a rise of 42.00 points or 0.55 percent.

ALL ORDINARIES (^AORD): The Australia ALL ORDINARIES index closed at 7,897.50, up by 48.10 points or 0.61 percent.

S&P/NZX 50 INDEX GROSS (^NZ50): The S&P/NZX 50 INDEX GROSS in New Zealand concluded at 11,938.08, showing an increase of 64.04 points or 0.54 percent.

AFRICA

Top 40 USD Net TRI Index (^JN0U.JO): The Top 40 USD Net TRI Index concluded at 4,084.75, showing an increase of 45.51 points or 1.13 percent.

MIDDLE EAST

Most stock markets were closed in the Middle East on Friday, and will reopen on Sunday.