Mumbai, May 5 -- The Nasdaq surged 266.99 points or 1.5% to 19,977.73, the S&P 500 shot up 82.53 points or 1.5% to 5,686.67 and the Dow jumped 564.47 points or 1.4% to 41,317.43.

Wall Street rallied post release of Labor department's report on U.S. job growth that exceeded economic estimates. The Labor Department said non-farm payroll employment shot up by 177,000 jobs in April. the jumps in employment in February and March were downwardly revised to 102,000 jobs and 185,000 jobs, respectively. The report also said the unemployment rate came in at 4.2% in April.

Buying interest was generated in reaction to indications China is open to trade talks with the U.S., with a spokesperson for China's Ministry of Commerce saying U.S. officials h...