U.S. stocks surged as growth in American payrolls was enough to ease concern about the economy without stoking speculation the Federal Reserve will hasten the end of stimulus. Silver and copper led gains in commodities and the yen weakened, while Treasuries trimmed early gains.

The Dow Jones Industrial Average rose as much as 143.8 points and traded above 14,000 for the first time since 2007, while the S&P 500 Index (IBEX) jumped 1 percent to return to a five- year high following a two-day slump.