S&P 500 hits new high, Dow approaches 20,000

We're back on Dow 20,000 watch.

Stocks are rallying on Friday after the December jobs report showed that wage growth rose at the fastest pace since 2009.

The S&P 500 hit a new all-time high in morning trading, rising by as high as 0.3% to 2,277.55 near 11:50 a.m. ET. The Dow is up 0.3%, or 63 points, to 19,962.75. The index hit a lifetime intraday high of 19,987.63 on December 20.

The Nasdaq gained 0.6% to 5,520.31.

Meanwhile, selling across the Treasury complex has yields higher for the first time in 2017, with the belly of the curve climbing by more than 8 basis points.

The economy added 156,000 jobs last month, which was fewer than expected, but extended the record streak of job creation in the US. Average hourly earnings increased by 2.9% year-on-year.

Besides the positive news from the economy on Friday, markets remain optimistic about growth under the incoming administration. Lower corporate taxes and lighter regulation could boost earnings growth, which some strategists including Fundstrat's Tom Lee say will take over as the key driver of stocks this year.