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Futures Turn Higher After Strong Jobs Report

U.S. stock index futures turned higher Friday following a better-than-expected non-farm payrolls report and amid relief that Greece secured enough debt swap commitments to avoid an immediate default.

Employers added 227,000 jobs last month, according to the Labor Department, while the unemployment rate held steady at a three-year low of 8.3 percent. Economists polled by Reuters had expected a gain of 210,000.

"Traders, investors, and Main Street will applaud this data, which supports the argument that a domestic economic recovery is realistically happening," said Todd Schoenberger, managing director of LandColt Trading. "Regarding the inverse—the discussion about further accommodation—is all but a distant memory at this point."

European stocks rosefollowing news that the Greek bond swap deal passed on Thursday evening, with participation from bondholders representing 85.8 percent of the country’s debt burden.

Starbucks said it will introduce its own single-serving coffee brewing system that will compete with Green Mountain's popular Keurig machine.

Texas Instruments tumbled after the chipmaker lowered its earnings and revenue targets for the first quarter due to lower-than-expected wireless chip demand.

Among earnings, Ann edged higher even after the women's clothes retailer posted a smaller-than-expected profit as its struggling Ann Taylor chain was hurt by deep discounts.

The Commerce Department also releases wholesale inventories for January at 10 a.m. Economists polled by Reuters forecast a rise of 0.6 percent, versus a 1 percent rise in December.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

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