Stocks Surge as Weak Jobs Data Cools Fed Rate-Hike Bets

U.S. stocks closed higher on Friday as weak jobs data for September reduced bets that the Federal Reserve will raise interest rates this month.

The Dow Jones Industrial Average rose by 250 points, or 0.49 percent, to close at 51,176.96, while the Standard and Poor's 500 gained 56.27 to 7,722.72, a 0.73 percent increase.

The Nasdaq Composite climbed 1.19 percent, adding 319.27 to 27,190.86, hitting an all-time high earlier in the day before pulling back.

Ten of the 11 primary Standard and Poor's 500 sectors ended higher, with consumer discretionary, materials, and technology each rising about 1 percent or more.

However, health care was the only sector in the red.