Mumbai, July 7 -- The Nasdaq jumped 207.97 points (1%) to 20,601.10, the S&P 500 advanced 51.93 points (0.8%) to 6,279.35 and the Dow climbed 344.11 points (0.7%) to 44,828.53.

The Labor Department said non-farm payroll employment shot up by 147,000 jobs in June after jumping by an upwardly revised 144,000 jobs in May. The report also said the unemployment rate edged down to 4.1% in June from 4.2% in May. The unemployment rate was expected to inch up to 4.3%.

The ISM said its services PMI rose to 50.8 in June from 49.9 in May, with a reading above 50 indicating growth. Networking stocks turned in some of the market's best performances, with the NYSE Arca Networking Index surging by 2.3% to a record closing high. Software stocks were con...