September's 245,000 new jobs topped consensus forecasts by about 100,000. This means the Fed can probably slow the pace of rate cuts, economists said.

Famed economist Larry Summers said Friday that the September jobs report shows the Federal Reserve's 50-basis point rate cut was "a mistake," in hindsight.

Gold prices slipped on Friday after a stronger-than-expected U.S. jobs report poured cold water on expectations for an aggressive rate cut from the Federal Reserve next month, boosting the dollar. Spot gold was down 0.

Odds of a 50 basis point cut dropped to 0% from 53% last week after the strong September jobs report, according to the CME FedWatch Tool.

Stocks rallied after data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000 from economists polled by Dow Jones. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

The Dow was up 0.5%, while the S&P 500 rose 0.6% and the Nasdaq Composite rallied 0.9%. Still, all three major U.S. stock indexes remained down modestly for the week, with the S&P 500 on track for a slight 0.1% weekly decline, FactSet data show, at last check.

President Joe Biden made a surprise appearance in the White House briefing room on Friday to tout good news about the economy ― and he called out a Republican senator for claiming the numbers are “fake.