Stocks rallied to record levels on Friday following a stellar October jobs report, boosting market sentiment surrounding U.S. economic recovery.

The Dow Jones Industrial Average rose over 200 points, while the S&P 500 and Nasdaq added 0.37% and 0.20%, respectively. All three major averages reached fresh record closing highs.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +0.37% or +17.51 points to 4,697.57

Dow Jones Industrial Average (DIA  ): +0.57% or +204.51 points to 36,328.74

Nasdaq Composite Index (QQQ  ): +0.20% or +31.28 points to 15,971.59

Pfizer's COVID-19 pill reduced risk of hospitalization or death by 89%:

Pfizer (PFE  ) announced Friday that its potential COVID-19 oral treatment, when used in combination with a widely available HIV drug, reduced the risk of hospitalization or death by 89% in high-risk adults who were exposed to the virus.

The pill is part of a class of medicines called protease inhibitors, which work by blocking an enzyme the virus needs to replicate in human cells, thus halting the spread of the virus throughout the body. When used in combination with ritonavir, a common HIV drug which slows the body's metabolism, Pfizer's pill can remain active in the body for longer periods of time at higher concentration, the company said.

The company said the drug's data is based on a mid-to-late stage study of 1,219 adults who had at least on underlying medical condition and a laboratory-confirmed infection within a five-day period. Pfizer said there were only six hospitalizations and zero deaths in the group of 607 participants who received the pill in combination with ritonavir within five days of symptom onset. That compares with 41 hospitalizations and 10 deaths from the placebo group.

"These data suggests that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients' lives, reduce the severity of COVDI-19 infections, and eliminate up to nine out of ten hospitalizations," Pfizer CEO Albert Bourla said in a statement.

U.S. private employers add more jobs that expected in October:

U.S. employers added way more positions that expected in October, as declining COVID-19 infections and elevated demand for workers amid widespread shortages helped boost labor market activity.

The Labor Department reported the private sector added 531,000 jobs in October, above the 450,000 expected by consensus economists and above September's upwardly revised total of 312,000. Moreover, the unemployment rate declined to 4.6% from 4.8% reported in September.

"Our economy is starting to work for more Americans. Thanks to the economic plan we put through in Congress earlier this year and a successful vaccine deployment, America continues to add jobs at a record pace. In this historically strong recovery, unemployment has fallen again today," President Joe Biden said during a press conference on Friday. "Our economy is on the move."

Here's how market benchmarks started trading soon after opening bell:

S&P 500 Index: +0.68% or +31.95 points to 4,712.01

Dow Jones Industrial Average: +0.70% or +252.48 points to 36,376.71

Nasdaq Composite Index: +0.62% or +98.10 points to 16,038.41