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Investors went on a broad buying spree Friday, pushing the Dow up more than 800 points. The Nasdaq finished just short of its all-time high. An astoundingly strong jobs report - showing the economy added jobs in May and the unemployment rate fell - raised hopes of a faster economic rebound.

The Dow rose 3%. The S&P gained 500 2.6%. And the Nasdaq shot up 2%, surging a whopping 43% since hitting its low in late March.

The rally on Wall Street has been broadening out to include cyclicals such as energy, financials and industrial stocks instead of relying on the tech titans -- a move The Bahnsen Group's David Bahnsen called "underrated."

"It's not just those leadership names in the FAANG and big cap tech names that were leading the way. The average stock is catching up to the index."

Treasury yields also rose on the jobs data, and that lifted bank stocks like Citigroup, JPMorgan Chase, and Bank of America.

Small cap stocks and transportation stocks outperformed. Boeing shares gave the Dow the biggest boost, rising on hopes of a rebound in air travel after American Airlines and United said they would boost their domestic flight schedules in July.

Shares of Tiffany sparkled. Sources told Reuters LVMH's $16.2 billion takeover of the American luxury retailer was back on track.