U.S. equities rose to record levels on Friday as Wall Street shrugged off a jobs report that came in well below expectations.

The Dow Jones industrial average closed about 60 points higher and reached its first intraday record since March 1 as well as its second straight record close. The S&P 500 and the Nasdaq composite also managed intraday and closing records.

"This was the closest thing to a nonresponse you're going to see," said Michael Shaoul, chairman and CEO of Marketfield Asset Management, referring to the market's reaction to the jobs report. "This isn't a report that warrants a strong response in financial markets and I don't think you're going to get one."

Marc Chaikin, CEO of Chaikin Analytics, said a pop in small-cap stocks helped the large-cap indexes rise on Friday. Small caps "have caught up in a big way and they're on their way to all-time highs," he said.

The Russell 2000, which tracks small cap stocks, rose 0.67 percent and was less than 2 percent away from a record high.

The Labor Department said 138,000 jobs were created last month, well below the expected 185,000. Wages also grew less than expected, with average hourly earnings rising at a 2.5 percent annualized rate. The unemployment rate, however, fell to 4.3 percent from 4.4 percent.

"There are some sectors in the jobs market that are seeing strong wage growth and others that aren't," said Andrew Chamberlain, chief economist at Glassdoor. "I think that's reflective of the tightness seen in some sectors."

Chamberlain also noted the U.S. economy has added jobs for 80 straight months now, the longest positive streak dating back to the 1930s.