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CHARLOTTE – Some good economic news came Friday as the unemployment rate dropped to nearly 8.5 percent, while the private business sector added more than 243,000 jobs in January.

That good news helped the Dow Jones Industrial Average, which gained 157 points and closed at the highest level since 2008. The S&P rose 19 points, and the NASDAQ was up 46 points.

"We should be in a recovery and even thought the sentiment outside, when you talk to people, people are feeling the pain a little bit,” said Meridian Equity Partners' Joe Greco. “You like to see there is actually data supporting it. They may be feeling pain but they still have jobs and are working to some extent."

The day also presented positive news in job growth. In January, American businesses added 243,000 jobs.

"These numbers will go up and down in the coming months,” said President Barack Obama. “And there are still far too many Americans that need a job or a job that pays better then the one they have now. But the economy is growing stronger."

Although it's positive news, some are still weary.

While the president painted a happy picture, some politicians warned the news may be misleading.

"I have to caution you, it masks an underlying weakness in our economy,” said Texas Republican Rep. Ken Brady.” Fewer Americans are actually participating in the workforce in almost 28 years."

The unemployment rate dropped to 8.3 percent as businesses added more than 3.5 million new jobs throughout the last 23 months.