US Stocks Rise on Weak Jobs Data, Rate Hike Bets Cool

US stocks closed higher on Friday as a weaker-than-expected jobs report in September bolstered bets that the Federal Reserve will hold off on raising interest rates this month.

The Dow Jones Industrial Average added 250 points, or 0.49 percent, to close at 51,176.96, while the S&P 500 gained 0.7 percent and the Nasdaq Composite climbed 1.19 percent, hitting an all-time high earlier in the day.

The US nonfarm payrolls increased by 29,000 jobs in September, falling short of expectations, and the unemployment rate ticked up to 4.2 percent, according to the U.S. Bureau of Labor Statistics.

Treasury yields whipsawed after the jobs data, while oil prices fell due to a Group of Seven nations and EU agreement to release crude from emergency reserves.