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Investing.com -- U.S. stocks were rising after labor market data that suggested the Federal Reserve could hold off on another interest rate increase when it meets on policy next month.
At 10:32 ET (14:32 GMT), the was up was up 189 points or 0.5%, while the rose 0.4% and the was up 0.2%.
Wall Street’s main indices closed in a mixed fashion Thursday, but August was a difficult month for investors.
The blue-chip fell 2.4% last month, while the broad-based dropped 1.8% and tech-heavy slumped 2.2%, both recording their first monthly decreases since February.
Nonfarm payrolls in spotlight
Friday's job report for August was expected to be a major factor in the Fed's decision making later this month.
After came in lower than expected this week, today's showed nonfarm payrolls rose 187,000 but the unemployment rate also rose to 3.8%. Analysts expected the economy to add 170,000 jobs last month, down from 187,000 the prior month, and they expected an unemployment rate of 3.5%.
The Fed has been looking for signs that the tight labor market is starting to loosen, which should help tame inflationary pressure. The rise in the unemployment rate was interpreted by investors as a sign the Fed could decide to hold steady on interest rates next month.
According to Investing.com's , there is now an 88% chance that the U.S. central bank will maintain the target range for the federal funds rate at 5.25% to 5.50%.
Chinese factory activity expands in August
Helping the tone Friday was the news that Chinese factory activity unexpectedly grew in August, offering hope for the economic recovery in the world’s second largest economy.
The came in at 51.0 for August, above the 50 level that indicates expansion, and its highest mark since February.
However, the private survey data stood in contrast to the official PMI, which came in 49.7 on Thursday, suggesting contraction.
Lululemon impresses with a "solid start" to its third quarter
In corporate news, Lululemon Athletica (NASDAQ:) stock rose 4.4% after the workout gear maker said its third-quarter was off to a "solid start" thanks to strong demand in North America.
Additionally, personal computer manufacturer Dell Technologies (NYSE:) raised its annual forecast for revenue and profit as it benefits from the artificial intelligence boom, while chipmaker Broadcom (NASDAQ:) forecast current-quarter revenue below expectations on softening enterprise demand. Dell stock rose 22.6% while Broadcom stock fell 4.5%.
Crude gains with producers set to extend output cuts
Oil prices rose Friday, on course to register strong weekly gains on optimism that the group of major crude producers will extend output cuts to the end of the year.
Russian Deputy Prime Minister Alexander Novak said on Thursday that Moscow had reached a new deal with its peers in the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, to further cut supplies, and will outline more reductions in production next week.
The reductions will likely add to ongoing supply cuts by Russia and Saudi Arabia, presenting a tighter supply outlook for the rest of the year.
(Peter Nurse and Oliver Gray contributed to this item.)
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