Non-farm payrolls rose by 215,000 last month and the unemployment rate bumped up to 5.0 percent from an eight-year low of 4.9 percent. The Labor Department announced on Friday that the jobless rate increased as more people continued to enter or re-enter the labor market, a sign of confidence in the job market. This sent stock higher after hinting at a lower prices on the open. Markets rallied all day on this news along with the details of the jobs numbers.Average hourly earnings gained seven cents after falling in February. Despite claims from Presidential candidates, this begins to show that the labor market has largely shrugged off slowing global economic growth, a robust U.S. dollar that has hurt manufacturing exports, and the negative impact of cheap oil prices on the energy sector.

Economists had much to say following the release but consensus seems to see a limited impact on monetary policy in the near-term from the strong jobs report, as the growing number of people entering the labor market supported Fed Chair Janet Yellen's view that "hidden slack remained in the jobs market".

The Fed also appears to be more focused on international developments. Yellen said this week that slowing world growth and lower oil prices posed a downside risk to the U.S. economic outlook, adding that she considered it appropriate for policymakers to "proceed cautiously in adjusting policy."

Does this change the Fed's previous interest rate targets? Fed officials last month downgraded their economic growth expectations and forecast only two rate hikes this year. The U.S. central bank raised its benchmark overnight interest rate in December for the first time in nearly a decade.

Traders currently see a 27 percent chance of a hike at the Fed's June policy meeting, a 52 percent chance of such a move in September and a 65 percent probability at the December meeting, according to CME analysts.

Many analysts have commented that Friday's rally from the jobs report stems from recent data showing sluggish consumer spending and weak business investment on capital in the first two months of the year, as well as deterioration in the international trade balance. The jobs report seems to put the bearish economists at easy...for now.