Stocks rose on Friday as investors weighed a mixed jobs report, which may signal policy makers to continue their current loose monetary policy. Market participants remain optimistic towards U.S. economic recovery, boosting the S&P 500 close to it's all-time record high.

All major benchmarks posted modest gains for the week. The Dow and S&P 500 were up about 0.7% and 0.6%, respectively, for their second straight week of gains. Meanwhile, the tech-heavy Nasdaq rose by about 0.5% for the week, posting its third positive week in a row.

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

S&P 500 Index (SPY  ): +0.88% or +37.04 points to 4,229.89

Dow Jones Industrial Average (DIA  ): +0.52% or +179.35 points to 34,756.39

Nasdaq Composite Index (QQQ  ): +1.47% or +199.98 points to 13,814.49

Facebook announced Trump will be suspended from platfrom until at least 2023:

Facebook (FB  ) announced that former President Donald Trump will remain suspended from Facebook and Instagram until at least January 4, 2023, if conditions permit. The decision comes a month after Facebook's Oversight Board upheld the social media company's suspension of Trump, with the board ruling that Trump violated community standards at the beginning of this year.

"Given the gravity of the circumstances that led to Mr. Trump's suspension, we believe his actions constituted a serve violation of our rules which merit the highest penalty available under the new enforcement protocols," Nick Clegg, vice president of global affairs for Facebook, wrote in a press statement. "We are suspending his accounts for two years, effective from the data of the initial suspension on January 7 this year."

Here's how the market started trading soon after market open:

S&P 500 Index: +0.56% or +23.59 points to 4,216.40

Dow Jones Industrial Average: +0.23% or +77.97 points to 34,655.01

Nasdaq Composite Index: +1.01% or +137.26 points to 13,751.87

May jobs report shows major improvement, mixed on expectations:

The U.S. economy added back another more than half a million jobs in May, but fell short of consensus expectations. However, the unemployment rate dropped to a new pandemic-era low as restrictions continue to ease throughout the country.

Non-farm payrolls increased by 559,000 in May, according to the Labor Department, up from April's upwardly revised total of 278,000 jobs. Altogether, the U.S. economy is about 7 million jobs under its pre-pandemic levels from February 2020. Meanwhile, the unemployment rate decreased to 5.8% from 6.1% in April, a new pandemic-era low.