Source: Sharecast
At 1555 GMT, the Dow Jones Industrial Average was up 0.1%, while the S&P 500 was 1% higher and the tech-heavy Nasdaq was 1.7% firmer.
Markets were rebounding after the Dow closed a massive 1,833.06 points lower on Thursday, while the Nasdaq fell into correction territory amid concerns that sweeping Democratic victories in the House, Senate and key gubernatorial races could lead to tighter regulation and a potential slowdown in data centre development.
Investors were also digesting figures from the Bureau of Labor Statistics, which showed that job creation accelerated sharply in October, comfortably beating forecasts, while unemployment edged lower and wage growth unexpectedly picked up.
Non-farm payrolls increased by 165,000, well ahead of consensus expectations for a 65,000 rise and more than double September's upwardly revised gain of 60,000.
September's initial estimate of 29,000 was revised up by 31,000, while August's figure was raised 53,000 to 186,000, meaning 84,000 jobs were added to two previously reported payroll figures.
The unemployment rate dipped to 4.1% from 4.2%, against expectations for an unchanged reading, although the number of unemployed people remained broadly stable at 7.1m.
Meanwhile, average hourly earnings increased by 0.4% month-on-month to $38.00, accelerating from September's 0.1% rise and exceeding forecasts of 0.3%. Annual wage growth also accelerated to 3.1% from 3%, defying expectations for a slowdown to 2.9%, which would have represented the weakest rate in over five years.
Axel Rudolph, chief technical analyst at IG, said: "Bargain hunters are piling back into US stocks, led by technology shares, as a stronger-than-expected jobs report, lower unemployment and improved consumer sentiment reinforce the resilience of the US economy despite higher energy costs. The data gives Trump plenty to point to as evidence of economic strength, but the prospect of further US action against Iran remains a major cloud over markets and could quickly undermine the renewed optimism.
"US Treasury yields are recovering from a two-month low as a much stronger-than-expected jobs report reinforces expectations that the Federal Reserve may need to keep rates higher for longer."
In corporate news, Under Armour dipped after it trimmed its full-year gross margin outlook as higher fuel and freight costs, inventory management actions and foreign exchange headwinds added to pressure on the athletic apparel group's turnaround efforts, despite a modest improvement to its earnings guidance.
Moderna surged after the US biotechnology company raised its full-year revenue forecast following stronger-than-expected third-quarter sales and a return to profit.