The major averages rebounded nicely on Friday after the release of stronger-than-expected U.S. jobs data which initially caused interest rates to jump, but then ease through the day. The Dow Jones Industrial Average gained 288 points, or 0.87%, to close at 33,407.58. The S&P 500 added 50 points or 1.18% to 4,308 while the tech-heavy Nasdaq Composite rose 211 points or 1.6%.

The U.S. economy added 336,000 jobs in September, the Labor Department said. Economists polled by

At its session low, the Dow had fallen as much as 272 points only to reverse and rise as much as 400 points at the height of the rally. The Nasdaq and the S&P 500 slid by 0.9% during the morning before rebounding.

The reason for the rebound was unclear. Some noted it could be the softer wage number in the jobs report that made investors rethink their earlier bearish stance. Others noted the pullback in yields from the day's highs. Part of the rally may just be to do a market that had gotten extremely oversold with the S&P 500 at one point this week down more than 8% from its high earlier this year.

Yields initially surged after the report, with the 10-year Treasury rate trading near its highest level in 16 years. The benchmark rate later eased from those levels but was still up around 6 basis points at 4.78%.

Technology shares led the S&P 500′s sector gains on Friday, gaining 1.94%.

Ford advanced 0.84% and GM gained 1.95%. The action came after the United Auto Workers union said there would be no new strikes this week because of progress in talks with automakers.

The S&P 500 ended the week up 0.48%, breaking a four-week negative streak. The Nasdaq also notched a positive week, climbing 1.60%. The Dow still closed down for the week off 0.30% on the week.