VET:CC - Markets Grow Wings on Hints Inflation May be Easing

U.S. stocks rose Friday after the December jobs report and a manufacturing survey showed signs that inflation may be cooling amid the Federal Reserve's interest rate hikes.

The Dow Jones Industrials popped 516.53 points, or 1.6%, by noon Friday 33,446.61.

The S&P 500 advanced 59.67 points, or 1.5%, at 3,867.77.

The NASDAQ Composite Index leaped 148.87 points, or 1.4%, to 10,454.11.

With Friday's gains, stocks may tip into positive territory on the week. The Dow is currently up 0.8% in the first week of the year and the S&P 500 is up 0.5%. The NASDAQ is still down on the week, set to fall 0.4%.

The December non-farm payrolls report showed that the U.S. economy added 223,000 jobs last month, slightly higher than the expected 200,000 jobs economists polled by the Dow Jones expected. In addition, wages grew slower than anticipated, increasing 0.3% on the month where economists expected 0.4%.

Prices for the 10-year Treasury climbed sharply, lowering yields to 3.62% from Thursday's 3.73%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.22 to $74.89 U.S. a barrel.

Gold prices brightened $24.40 to $1,865 U.S. an ounce.