U.S. equities rose on Friday following a better-than-expected April’s jobs report and as traders eyed developments between the U.S. and Iran.

The Dow Jones Industrial Average rose 208 points, or 0.4%. The S&P 500 and Nasdaq Composite were up about 0.5% and 0.6%, respectively.

The broader market’s rise was supported by a rise in chip stocks such as Micron Technology and Qualcomm. Micron shares were up almost 4%, while Qualcomm popped 6%, positioning the stock for a fourth consecutive day of gains.

The Bureau of Labor Statistics reported that nonfarm payrolls rose by 115,000 last month, more than the 55,000 that economists polled by Dow Jones were expecting. The U.S. jobless rate also held steady at 4.3%, in line with expectations.

Meanwhile, Secretary of State Marco Rubio told reporters Friday that the U.S. “should know something today” regarding a response from Iran on the peace proposal. That comes after Iranian state media reported Thursday that Iran was reviewing messages from the U.S. that were received through Pakistani mediators but had not yet reached a conclusion.

Oil prices were marginally lower, with West Texas Intermediate crude futures dipping nearly 1% to around $94 per barrel, even after the U.S. and Iran exchanged fire in the Strait of Hormuz. Each side claimed the other struck first. U.S. Central Command said that military forces “intercepted unprovoked Iranian attacks and responded with self-defense strikes” as a trio of U.S. Navy destroyers transited the waterway.

In a Truth Social post Thursday night, President Donald Trump said there was “no damage done to the three Destroyers, but great damage done to the Iranian attackers.” He also reportedly said that the ceasefire is still in effect, saying the strikes against Iranian targets were “just a love tap.

The S&P 500 and Nasdaq Composite hit fresh record highs in the previous session before retreating as investors continued to monitor the latest developments in the Middle East. A senior Iranian official said that the country would not allow the U.S. to reopen the Strait of Hormuz passageway with an “unrealistic plan,” Iran’s state-owned Press TV reported Thursday. The official added that Iran would not let the U.S. leave the conflict without paying reparations for the damage it has inflicted.

Stocks have been boosted higher in recent sessions by a strong earnings season, with all three major averages expected to end the week higher. Upbeat tech earnings have put the Nasdaq on pace to climb 3% on the week. The S&P 500 is on track for a rise of about 2%, while the Dow Jones has lagged with a week-to-date gain of 0.7%.

Going forward, PNC Asset Management chief investment strategist Yung-Yu Ma expects earnings momentum to continue.

“It is important to note that the gains are very broad based,” he said on CNBC’s “The Exchange” on Thursday afternoon. “If you look out to Q2, Q3 and Q4, the market and analysts are still expecting about 20% or higher earnings growth on a year-over-year basis in those subsequent quarters. So we’re not seeing the momentum expected to let up. There is dispersion, for sure, but the momentum is going to be quite strong here.”