S&P 500 hits new high, time to "take profits" from emerging markets

Markets rose on Friday.

The S&P 500 rose 0.9 percent to a new all-time high after the Labor Department reported that US employment increased by 255,000 last month. The Nasdaq Composite Index also hit a record high.

Elsewhere, the STOXX Europe 600 rose 1.1 percent and the MSCI Emerging Markets Index gained 0.6 percent.

Indeed, after lagging US stocks for the past five years, emerging markets have been outperforming the S&P 500 this year.

However, Crossing Wall Street blog editor Eddy Elfenbein told CNBC that it is a good time to "take some profits off the table".