U.S. stocks closed near session highs, with the Dow industrials reclaiming a close above 20,000 and the Nasdaq reached a record.

Steps by President Donald Trump to roll back bank regulations and a stronger-than-expected January jobs report contributed to the upbeat sentiment. A led by a sharply higher financial sector.

The Dow Jones Industrial Average DJIA, +0.13% rallied 186.55 points, or 0.9%, to 20,071.46, its first close above 20,000 since Jan. 27, led by a 4.6% surge in shares of Visa Inc. V, -0.12% . For the week, however, the average closed down 0.1% lower.

The Nasdaq Composite Index COMP, -1.25% rose 30.57 points, or 0.5%, to close at a record 5,666.77, for a weekly gain of 0.1%.

The S&P 500 index SPX, -0.46% climbed 16.57 points, or 0.7%, to finish at 2,297.42, with 10 of the 11 main sectors closing in positive territory, for a weekly gain of 0.1%.

The financial sector popped 2%, and was by far the biggest gainer of any S&P 500’s sector. Shares of J.P. Morgan Chase & Co. JPM, +0.42% , Bank of America Corp. BAC, +1.26% and Citigroup Inc. C, +2.70% all closed up more than 2%, while Goldman Sachs Group Inc. GS, +1.35% and Morgan Stanley MS, +1.50% both finished up more than 4%. Goldman alone contributed about 40% of the Dow’s daily gains, or about 72 points.

Trump signed an executive order directing the Treasury secretary to review Dodd-Frank legislation, implemented in the aftermath of the 2008-09 financial crisis. The president signed a separate order that will delay the implementation of the “fiduciary rule,” which requires that the financial advisers and brokers who handle individual retirement and 401(k) accounts act in the best interest of their clients. Deregulation, proponents say, could improve the sector’s profitability, especially in an environment with rising interest rates, which is typically good for banks.

“This would be a positive in terms of the regulatory cost, but with respect to the fiduciary rule we’d need to be more careful when talking to clients about whether this would be the best policy going forward,” said Peter Andersen, chief investment officer of the Fiduciary Trust Co.

Key Words: Trump economic adviser Gary Cohn likens Wall Street regulatory regime to an unappealing restaurant menu

That move in financial stocks is one sign that sentiment is improving despite a modest market pullback earlier in the week, said Sahak Manuelian, managing director of equity trading at Wedbush Securities, in an interview. Another indicator is improved market breadth, as highlighted by advancing and declining stocks on the New York Stock Exchange.

Advancing stocks on the NYSE outnumbered decliners by nearly four to one. On the Nasdaq, more than two stocks advanced for every decliner.

“There’s a lot of demand for stocks,” Manuelian said. “A lot of traders are back in buy mode with economic data being OK. A lot are feeling better that sentiment is improving.”

President Trump and the Iran nuclear agreement

Strong jobs data also contributed to the rise in stocks. The U.S. generated 227,000 new jobs in January, the biggest gain in four months, comfortably topping the 197,000 that had been expected. However, the unemployment rate rose to 4.8%, and wage growth was an anemic 0.1%.

See:Job report’s downside: slower wage growth

“The labor market is still not tight enough for us to get fully excited, but things still look like they’re steadily improving. We just need to be patient on wage growth,” said the Fiduciary Trust Co.’s Andersen.

Clorox Co. CLX, -1.06% and Hershey Co. HSY, -0.79% each reported earnings ahead of the open. Clorox added 4.1%, while Hershey advanced 1.3%.

In other economic news, factory orders rose 1.3% in December, more than twice as fast as had been forecast, while the service sector grew at a slightly slower pace than had been expected.

Shares of Amazon.com Inc. AMZN, -2.47% dropped 3.5% following disappointment over fourth-quarter revenue. Then company reported earnings late Thursday.

Read:Buy Amazon ‘aggressively’ on any post-earnings dip, say bullish analysts

FireEye Inc. FEYE, +1.42% tumbled nearly 16% as investors focused on continuing heavy losses for the company over another earnings beat.

GoPro Inc. shares GPRO, +3.59% were down 13% after the company missed fourth-quarter revenue expectations and issued a weak forecast late Thursday.

Read: As GoPro drowns, is it begging for Apple to save it?

Visa Inc. shares V, -0.12% rallied after the credit-card company late Thursday beat earnings forecasts.

Chipotle Mexican Grill Inc. CMG, -0.90% CMG, -0.90% fell 4.5% as earnings missed Wall Street forecasts.

Hanesbrands Inc. shares HBI, +3.18% fell more than 16% after the company cut its outlook following a weak quarter.

Macy’s Inc. shares M, +1.60% rallied 6.4% on a report that Hudson’s Bay Co. CA:HBC has approached the retailer over a possible takeover.