Meanwhile, U.S. private payrolls data for the month of May raised market expectations for the upcoming nonfarm payrolls report due Friday U.S. time. The ADP report reflected that private sector employment rose by 253,000 jobs compared to forecasts of 185,000.
Australia's S&P/ASX 200 added 0.87 percent or 49.972 points to end the session at 5,788.1. Financial stocks traded higher, while shares of major miners were up by more than 1 percent.
South Korea's benchmark Kospi index surged 1.16 percent or 27.11 points to finish the session at 2,371.72.
Markets in greater China were higher. Hong Kong's Hang Seng Index rose 0.42 percent. Indexes on the mainland reversed earlier losses to close in the money. The Shanghai Composite was gained 0.11 percent or 3.3583 points to close at 3,105.9815 and the Shenzhen Composite bounced 0.846 percent or 14.997 points to finish at 1,788.6033.
Shares of Japanese automakers traded higher after May auto sales in the U.S. reflected that Nissan and Honda recorded increases in sales on year, while Toyota fell just short. Nissan shares jumped 2.71 percent to close at 1,098 yen a stock, Honda was up 2.63 percent at 3,194 yen a stock and Toyota was higher by 1.72 percent at 6,092 yen.
Korean automakers closed in the red after U.S. auto sales reflected weaker sales in May on year for Hyundai Motor and Kia Motors. Hyundai fell 1.51 percent to close at 163,000 won a stock and Kia tumbled 0.88 percent.
Hong Kong-listed gaming stocks were higher. This followed news that revenues of Macau casinos rose amidst the ongoing anti-corruption drive and capital controls in China.
Gaming revenues surged 24 percent to 22.7 billion Macau patacas ($2.83 billion) in the month of May, according to Reuters. Melco International Development gained 0.5 percent, Sands China was up 1.59 percent and Wynn Macau rose 1.36 percent.
Dollar/yen hit a one-week high, with the greenback fetching 111.61 yen. This was higher than levels around 110.8 seen earlier in the week.
The Australian dollar was steady following two consecutive sessions of declines. The Aussie traded as low as $0.7368 in the last session after the release of weaker-than-expected private sector manufacturing numbers out of China yesterday. The Aussie last traded at $0.7382.
Oil prices sank further after falling 3 percent in the last session. U.S. crude declined 1.8 percent to trade at $47.49 a barrel and Brent crude was down by 1.68 percent at $49.78.
Over on Wall Street, stocks closed the session higher following the release of stronger economic data, with all three major indexes closing more than 0.6 percent up.
The U.S. generated a modest 138,000 new jobs in May and revised employment growth in the spring down from levels initially reported. The non-farm payrolls data seemed to add to growing evidence that a tight labor market is making it tougher for U.S. firms to fill job openings. The dollar subsequently slipped to seven-month lows against the euro. Meanwhile, the unemployment rate dipped to 4.3 percent, down from 4.4 percent, and hit its lowest level in 16 years.
The reaction on Wall Street was muted towards the jobs numbers. U.S. equities rose to record levels on Friday. The Dow Jones industrial average traded about 45 points higher, the S&P 500 also managed a new all-time intraday high, trading 0.2 percent higher. The Nasdaq composite outperformed, rising 0.5 percent to reach an all-time high.
On the other hand, oil and gas stocks dropped over 1.3 percent, as oversupply in the market weighed on prices despite ongoing production cuts. According to Reuters, OPEC considered cutting its oil output by a further 1.5 percent when it met last week. Brent was 1.5 percent lower at $49.86 a barrel shortly after the European close while WTI dropped 1.45 percent to $47.66.
In individual stocks, Banco Popular slumped over 17 percent on reports the Spanish bank may fail if a buyer is not found.
French drug maker Ipsen jumped more than 3 percent after announcing new efforts to build upon its oncology portfolio.
Furthermore, Linde and Praxair agreed on Thursday to a $73 billion merger, creating the world's biggest industrial gasses group. Linde rose more than 2 percent.
US payrolls aheadAfter positive employment and factory growth figures in Europe, PMI construction data in the U.K. rose to a 17-month high in the month of May to 56.0 from 53.1 in April.
Meanwhile, the world is reacting to President Donald Trump's decision to pull out of the Paris Climate Agreement. World leaders refused to re-open negotiations and have told Trump that this decision will harm America's interests.
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.
"It's hard to ignore the the U.S. economy added fewer jobs than expected and, more importantly, the number came in below the 12-month average of 181,000," said Sharon Stark, managing director of fixed income strategies at Incapital.
Investors eagerly awaited the report as it is one of the last major data sets released before the Federal Reserve holds its June monetary policy meeting. Market expectations for a rate hike were near 94 percent, according to the CME Group's FedWatch tool.
"The fall in job growth numbers may make some query the likelihood of a rate rise next month, however, one slightly disappointing month does not constitute a wholesale change in fortunes," said Kully Samra, UK managing director at Charles Schwab, in a note.
"This is not so much a downward trend away from the strong jobs market but merely a temporary blip on the radar," Samra said.
The Dow, S&P and Nasdaq posted solid strong weekly gains helped by high-yielding sectors, including telecommunications and utilities, which rose 2.33 percent and 1.67 percent, respectively.
Dow, S&P and Nasdaq this week
The S&P 500 gained 9.01 points, or 0.37 percent, to end at 2,439.07, with information technology leading eight sectors higher and energy the biggest decliner.
The Nasdaq advanced 58.97 points, or 0.94 percent, to close at 6,305.80.
About four stocks advanced for every three decliners at the New York Stock Exchange, with an exchange volume of 866.21 million and a composite volume of 3.44 billion at the close.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 9.8.
Correction: Marc Chaikin is CEO of Chaikin Analytics. An earlier version misspelled his name.