Warren Buffett's Berkshire Hathaway approached the 50-day moving average ahead of its quarterly report.

Major indexes jumped to or above the 50-day moving averages in the stock market today. The Dow Jones Industrial Average gained more than 450 points, or 1.2%, on Friday and finished the week with a 1.1% gain. Breadth was strong with advancers in the lead by 3-to-1 on the NYSE and nearly 2-to-1 on the Nasdaq.

The economy added 175,000 jobs in April, whereas economists had expected 243,000 jobs. The unemployment rate inched higher to 3.9% vs. views of 3.8% The cooler jobs data increases the chances of a rate cut earlier. Hopes of a cut as early as July gave wings to stocks Friday.

The yield on the benchmark 10-year Treasury note plunged 7 basis points to 4.50%.

The S&P 500 gained 1.3% while the Nasdaq had a solid lead, climbing 2% in the stock market today and moving slightly above its 50-day line. Most sectors gained, although energy declined.

Volume on the NYSE was lower and higher on the Nasdaq, according to preliminary data.

The small-cap Russell 2000 gapped above its 50-day line but retreated and closed below the line, with a nearly 0.9% gain.

The Innovator IBD 50 ETF (FFTY) closed 1.5% higher.