STOCKS CLIMB ON JOBS DATA: Here's what you need to know

The S&P 500 rose 0.7%, while the Dow added 0.5% and the Nasdaq surged 1.1%. The Nasdaq, heavily weighted toward mega-cap tech stocks, has been a lightning rod for volatility in recent weeks, and Friday's trading was another example of that.

First up, the scoreboard:

Dow:
S&P 500:
Nasdaq:
US 10-year yield:
WTI crude oil:

1. Jobs report beats big, unemployment rate climbs. The US economy gained 222,000 jobs in June, many more than expected. Meanwhile, the labor-force participation rate increased to 62.8% from 62.7%.

2. Markets are overreacting to 'huffing and puffing' central bankers. Investor anxiety is creeping higher amid tightening monetary conditions, and Bank of America Merrill Lynch doesn't necessarily agree with that reaction.

3. Bitcoin and Ethereum are 'cannibalizing' gold. So says Tom Lee of Fundstrat, who thinks thinks that the growing preference for the cryptocurrencies over gold is actually helping contribute to the torrid gains in the fledgling products.

4. Everyone's scared of the wrong thing when it comes to the Fed's plan for its $4.5 trillion balance sheet, according to David Rosenberg. He says that when the inevitable unwind happens, it could catch traders in both the bond and stock markets off guard

5. Blue Apron is trading at half what it hoped to get in its IPO — a week after its debut. The most cited is the fact that, while Blue Apron was trying to drum up interest in its offering, Amazon struck a deal to buy Whole Foods.

ADDITIONALLY:

The gap between white and black unemployment in America is at a record low

7 potential bidders, a call to Amazon, and an ultimatum: How the Whole Foods deal went down

Hedge fund billionaire Paul Singer is thinking about swooping in on Warren Buffett's latest deal

The huge gap between America's rich and superrich exposes a fundamental misunderstanding about inequality

'Brace for a long and ugly battle' — Wall Street reacts to the escalating fight between Apple and Qualcomm

Here's what happened the last time the US was reckless enough to try a steel tariff

Silver is getting crushed after briefly recovering from flash crash