Federal Reserve Chairman Jerome Powell assured investors he was listening to them on Friday, and a stronger than expected number of jobs were added in December, sparking a 3.4% stock market surge, closing out another volatile week with a moment likely to be remembered in financial history.

A stronger than expected jobs report issued by the U.S. Bureau of Labor Statistics on Friday morning set off the sharp rally in stocks.

With 312,000 estimated to have been created in the economy in December, fears of a recession receded, triggering the surge in stock prices.