Stocks rise after better-than-expected jobs report

Stocks rose Friday morning after a highly anticipated jobs report showed U.S. employers added far more jobs than expected in September while the unemployment rate fell.

The Dow Jones Industrial Average rose 0.1%, while the S&P 500 and Nasdaq Composite rose 0.3% and 0.6%, respectively. Major indexes had a rocky start to October after closing at record levels last month, as investors look for continued signs that the economy is on solid footing, while worries about rising tensions in the Middle East have weighed on sentiment.

Friday's Labor Department report said 254,000 new jobs were added last month, about 100,000 more than economists' median estimate. The unemployment rate was 4.1% in September, slightly lower than expected. The data underscores the resilience of the labor market, which has shown signs of weakness in recent months.

Federal Reserve officials have said they are increasingly focused on the labor market now that inflation has moderated. The Fed cut its key interest rate last month for the first time in four years and suggested further easing is likely, although economic data will influence decisions about how fast and deep subsequent rate cuts will be. Friday's data could ease pressure on the Fed to make significant rate cuts in the coming months.

News that longshore workers agreed late Thursday to suspend a massive strike that closed ports from Maine to Texas this week also stirred sentiment Friday. There were concerns that the work stoppage could significantly disrupt supply chains, leading to inflation and hurting the labor market.

Mega-cap technology stocks were mostly higher on Friday. Meta Platforms (META) rose slightly to another record high, while Nvidia (NVDA) also rose after rising more than 3% yesterday on optimism about demand for its AI chips. Microsoft (MSFT), Alphabet (GOOGL) and Amazon (AMZN) also rose, while Apple (AAPL) fell slightly.

U.S.-traded shares of Chinese stocks also rose, extending big gains spurred last week by the announcement of sweeping stimulus measures by Chinese authorities. The iShares MSCI China ETF (MCHI) rose 2.5% and is up about 30% since initial action was announced early last week.

Crude oil futures rose about 1% after rising more than 5% yesterday on fears that a growing conflict in the Middle East could restrict supplies.

Gold futures fell slightly to around $2,670 an ounce, while Bitcoin rose slightly to trade at around $61,200.