The Dow was up 0.5%, while the S&P 500 rose 0.6% and the Nasdaq Composite rallied 0.9%. Still, all three major U.S. stock indexes remained down modestly for the week, with the S&P 500 on track for a slight 0.1% weekly decline, FactSet data show, at last check.

U.S. stocks rallied Friday after a surprisingly strong report on the U.S. job market raised optimism about the economy. The Standard & Poor's 500 climbed 0.9% and got close to its all-time high set on Monday.

Odds of a 50 basis point cut dropped to 0% from 53% last week after the strong September jobs report, according to the CME FedWatch Tool.