It was a record setting day in New York on Friday after stronger than expected jobs growth fueled investor confidence, and raised bets that the economy is not headed for a recession despite the dismal housing market and subprime mortgage meltdown.

The Labor Department reported that jobs growth was back on track with employers posting a net gain of 110,000 in September. It also upwardly revised August's number upwards from a 4,000 loss to a gain of 89,000. August's original number, if you remember, sent the markets into a tailspin. The positive news has, however, made it unlikely there will be another interest rate cut anytime soon.

After hitting a record high through the session, the Dow Jones Industrials settled 92 points higher at 14,066; the S&P500 added 15 to a record high of 1,558, and the Nasdaq lifted 47 points to end at 2,780 a record for 2007 and the highest close since early 2001.

Bear Stearns was in the news again, after US prosecutors launched an investigation into the collapse of two of its mortgage-related hedge funds. However, shares in the investment bank were up with the overall market gaining 3.11% to $131.58. The collapse cost investors an estimated $1.6 billion, according to the Wall Street journal. Bear Stearns' chief exec said the brokerage would consider selling a stake in itself to create value, but denied the bank needed a cash infusion.

And Security Bank shares tumbled 13.47% to $11.37 after announcing it expects to record up to $20 million as provisions for loan losses for the rest of 2007. The bank holding company is blaming the drop in residential real estate market values.

One clear winner on Wall Street's big day was Research In Motion. Shares soared 12.76% to $113.37 the day following the company's announcement that it's second-quarter profit of close to $288 million beat expectations as it broke the 10-million subscriber mark and predicted strength for the rest of the year. A number of brokerages raised their price targets on the stock.

And finally, shares in Alcoa rose with the overall market climbing 3% to $38.79. The aluminum producer said on Thursday that it will continue with the sale of its packaging and consumer business and its automotive castings business. As a result, Alcoa expects to record a total of $845 million in restructuring and impairment charges in the third quarter.

Turning to the best and worst performers in the Nasdaq Top 100. Reasearch In Motion was the standout performer of the session for the aforementioned reasons. Sears Holdings gained after a hedge fund bought a stake in the company; Millicom International also performed well.

Tellabs took a beating, sliding 4.59% to $9.14 after announcing third-quarter earnings will come in below expectations. NII Holdings and Sandisk also preformed poorly on the overwhelmingly positive day.