Sometimes the stock market can get in a "good news is bad news" cycle, where a stronger-than-expected jobs report like this morning's would cause traders to think that the Fed will raise interest rates in response, and the market will sink as a result.
Today's stock market reaction, at least as of this afternoon, was "good news is good news," where a strong jobs report leads to optimism about corporate earnings and future stock prices without a lot of fear that the Fed will overreact and ruin the rally.
I wouldn't put too much on a single day in the stock market or a single piece of economic news. But you can paint a scenario—employment stays strong, inflation diminishes (that's already happening), interest rates stay where they are or start easing, Biden gets a Saudi-Israel deal that also means gas prices lower going into the election year and the winter heating season, all of which increases the chances of a Biden re-election (and decreases the chances of a second Trump term, which some market players see as chaotic and destabilizing)—that if it isn't exactly supercharged supply-side growth, is nonetheless rosier than a lot of the doomsayers (Larry Summers) predicted. There's still a lot (more bank failures; political instability involving House Republicans, Trump and the aging Biden; China; Russia-Ukraine) that could go wrong. But better to have good news than bad news.