Futures Rebound After Better-Than-Expected Jobs Report

U.S. stock market futures quickly reversed their losses to turn higher Friday following a better-than-expected non-farm payrolls report.

The monthly non-farm payrolls rose by 146,000, with the unemployment falling sharply to 7.7 in November, according to the Labor Department. The report blew past expectations for a gain of 93,000 and unemployment rate holding steady at 7.9 percent, according to a Reuters poll.

The Labor Department said the storm's effects might be more accurately gauged in next months' report. Meanwhile, participation rate fell to 63.6 percent, falling further from 30-year lows. And October's employment gains were also lowered through revisions. The U.S. added 171,000 jobs in October.

"The question moving forward will be how the antics in Washington impact hiring for December and the first quarter of 2013," said Todd Schoenberger, managing partner at LandColt Capital. "Those concerns will keep investors on the sidelines until resolution on the fiscal cliff occurs, and if revisions confirm November's gains in employment."

Netflix traded higher even after the online movie-streaming company disclosed that CEO Reed Hastings received a Wells Notice from the SEC related to a blog post he wrote on Facebook in July. Meanwhile, Hastings said he is optimistic the action can be "cleared up quickly."

Jefferies announced it is moving its first-quarter dividend payment to December, while D.R. Horton accelerated all of its 2013 dividend payments into 2012. Late Thursday, publishing company McGraw-Hill and hospital operator HCA became the latest companies to declare special dividends. So far, more than 170 companies have accelerated or announced special dividends in the fourth quarter.

Also on the economic front, the December University of Michigan consumer sentiment index is due at 9:55 am ET and October consumer credit data will be released at 3 pm ET.

European shares also reversed their losses following the jobs report, but gains were limited after Germany's central bank cut its growth outlook for the economy next year and amid worries about political uncertainty in Italy.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

FRIDAY: Consumer sentiment, consumer credit

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