Stocks traded higher on Friday following the release the latest U.S. jobs report, but still headed for their third straight weekly loss.
The Dow Jones Industrials jumped 164.76 points to begin Friday at 26,365.80
The S&P 500 tacked on 20.62 points to 2,931.25
The NASDAQ Composite surged 55.53 points to 7,927.80
Stocks came into Friday's session on pace to record large losses for the week. The Dow was down 2.3% through Thursday's close while the S&P 500 had lost 1.7%. The NASDAQ was down 0.9% week to date.
Tech was the best-performing sector in the S&P 500, gaining 1.2% as Apple rose 2%. The tech giant's stock rose after Nikkei reported the company is increasing iPhone 11 production by 10%.
The U.S. economy added 136,000 jobs in September, the Bureau of Labor Statistics said Friday. Economists polled by Dow Jones expected an increase of 145,000 jobs. The unemployment rate fell to 3.5%, a 50-year low, but wages grew at a slower-than-expected pace last month.
The Federal Reserve is largely expected to cut rates later this month. Expectations for a 25 basis-point rate cut were at 79% on Friday
Prices for the benchmark 10-year U.S. Treasury nicked higher, lowering yields to 1.53% from Thursday's 1.54%. Treasury prices and yields move in opposite directions.
Oil prices gained 65 cents to $53.10 U.S. a barrel.
Gold prices fell $6.30 to $1,507.50 U.S. an ounce.