Stocks more than recovered Thursday's losses Friday, opening higher after encouraging employment data.
"The thing that's really reassuring was construction was the number one sector of jobs growth," said JJ Kinahan, chief strategist at TD Ameritrade.
"The other thing that was positive in the jobs report was hourly earnings were positive, too," he said. "Crude has come back above the $40 level and that's the danger, danger level."
Read MoreJobs report says Fed can hike, but not so fast
Traders also attributed some of Friday's gains to recovery after Thursday's sharp sell-off.
"We did, from a technical aspect, bounce off 2,045 at the end yesterday," said John Caruso, senior market strategist at RJO Futures. "I don't know if this is going to stick, this rally."
U.S. stock index futures initially edged higher after the 8:30 a.m., ET, November employment report beat headline expectations with creation of 211,000 jobs and showed an increase in wages and continued 5 percent unemployment, as expected. The number of jobs created in October and September were also revised higher.
"The jobs report was very strong. Here you have parallel interests, Wall Street, the Fed and Main Street" being supported, said Brian Muench, vice president of investment management for Allianz Investment Management.
"I think they'll raise once and they're going to want to see the data support any future rate increases," he said.
The data is the last and most important release before the Federal Reserve could raise rates at its Dec. 15 and 16 meeting for the first time in nearly a decade.
"The Fed goes in December but the path is shallow and you couldn't ask for anything more. It's almost like the Fed did this report themselves, but I know they didn't," said John Canally, investment strategist and economist at LPL Financial.
Treasury yields held mostly lower after briefly spiking on the jobs report. The 2-year yield was near 0.94 percent and the 10-year yield at 2.27 percent in the close.
"I see the market saying to the Fed, 'we have to be sure what we're doing here. ... There's a lot going on right now between Draghi and the Fed raising rates and the potential for global political news, not to mention Russia and Turkey, so I think you're going to see a bit of (volatility), and you're going to throw another variable into that?'" said Alan Rechtschaffen, financial advisor and senior vice president at UBS Wealth Management Americas.
"I take the Federal Reserve at their word here because the pace is going to be relatively slow and continue to be data dependent. We may be looking at years before we see largely higher interest rates," said Greg Woodard, portfolio strategist at Manning & Napier.
Separately, Philadelphia Fed President Patrick Harker said Friday he would prefer to start tightening sooner than laterto keep the economy on track and to protect the central bank's credibility. The comments were Harker's first public comments on policy since he took the job in July.
After the initial rise on the jobs report, U.S. stock index futures turned lower in pre-market trade Friday as U.S. crude gave up gains to briefly fall more than 3 percent to below the psychologically key $40 a barrel level.
The decline came after sources said OPEC had agreed to roll over its policy of maintaining crude production in order to retain market share and raise its output ceiling.
Later in the day, OPEC President Emmanuel Ibe Kachikwu told CNBC the oil group decided to keep policy unchanged and wait to see future market fluctuations.
"Oil's certainly going to be the story right now. That's a massive move in WTI. ... The untold part of this story is that headline reflects no new oil coming into the market," said Art Hogan, chief market strategist at Wunderlich Securities. "OPEC actually saying what they're doing."
U.S. crude oil settled 2.7 percent lower at $39.97 a barrel, down 4.17 percent for the week, its worst week since the one ended Nov. 13. Energy ended down half a percent, off session lows, as the only decliner in the S&P 500.
Check out CNBC's special report on energy around OPEC
In other economic news,the U.S. trade deficit widened unexpectedly by 3.4 percent to $43.9 billion in October as exports fell to a three-year low, suggesting that strong dollar pressure on trade could again weigh on economic growth in the fourth quarter.
The trade data pushed down Street expectations for growth. Economists in the CNBC /Moody's survey lowered their tracking estimate for fourth-quarter GDP to 2.0 percent.