US Jobs Data Boosts Stocks as Oil Prices Dip on Emergency Fuel Release

US jobs data released on Friday showed that employment in the country grew by only 29,000 jobs in September, missing analysts' expectations of around 90,000. The unemployment rate also rose slightly to 4.2 percent.

The disappointing hiring numbers were seen as a positive sign for stocks, as they lowered the odds of Federal Reserve rate hikes.

Major US indices spent most of the day in positive territory following the weak jobs data, with the S&P 500 finishing up 0.7 percent and 10 out of 11 sectors showing gains.

Oil prices also retreated after G7 countries agreed to an emergency release of fuel reserves, with the US benchmark West Texas Intermediate dropping by around two percent to $91.11 per barrel.