After The Bell: Stocks Higher As Jobs Report Reduces Rate-Hike Expectations

(CBS) -- Stocks traded higher Friday as a soft government jobs report reduced Wall Street's expectations of a June rate hike and gains in crude oil prices put investors in a buying mood.

The S&P 500 gained 6, the NASDAQ added 19 and the Dow Jones industrial average closed up nearly 80 points, settling to 17,740.

"Interest rates are not going to compete with dividend yields for stocks, and so therefore stocks drove higher," says Michael Cuggino, president and portfolio manager at Permanent Portfolio Funds.