U.S. stocks open higher on strong jobs report

U.S. stocks opened higher on Friday, as a better-than-expected jobs report in October supported the case of a December rate hike from the U.S. Federal Reserve.

Total nonfarm payroll employment increased by 271,000 in October, soundly beating market estimates, and the unemployment rate was unchanged at 5.0 percent, the U.S. Labor Department said Friday.

Average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to 25.20 U.S. dollars, following little change in September.

"We have to conclude a rate hike is coming December 16 unless remaining data releases undermine the message from today' s employment report," said Chris Low, chief economist at FTN Financial.

Chicago Fed President Charles Evans, a voting member of the Federal Open Market Committee, said Friday that the report was "very good news" and that strong jobs growth would help push up inflation, according to the CNBC.

Fed Chair Janet Yellen reiterated earlier this week that the central bank may start raising short-term interest rates at its December policy meeting if the U.S. economy is "performing well."

"If the incoming information supports that expectation, then our statement indicates that December would be a live possibility," Yellen said.

Shortly after the opening bell, the Dow Jones Industrial Average gained 43.56 points, or 0.24 percent, to 17,906.99. The S&P 500 ticked up 1.25 points, or 0.06 percent, to 2,101.18. The Nasdaq Composite Index rose 5.12 points, or 0.10 percent, to 5,132.85.

U.S. stocks closed mildly lower after wavering between small gains and losses Thursday, as investors digested mixed economic data ahead of Friday's key jobs report. Endi