The New York Federal Reserve released its survey on Friday. The NY Fed Empire State manufacturing index jumped to 9.56 in April from 0.62 in March, exceeding expectations for an increase to 2.21.

A reading above zero indicates expansion, while a reading below zero indicates contraction.

"The April 2016 Empire State Manufacturing Survey indicates that business activity expanded for New York manufacturers," the New York Federal Reserve said in its report.

The new orders index increased to 11.14 in April from 9.57 in March, while the shipments index fell to 10.17 from 13.88.

The general business conditions expectations index for the next six months jumped to 29.40 in April from 25.52 in March.

The price-paid index jumped to 19.23 in April from 2.97 in March.

The index for the number of employees rose to 1.92 in April from -1.98 in March.