NEW YORK (CNNMoney)
The Dow Jones industrial average added 85 points, or 0.5%, while the S&P 500 and Nasdaq also gained 0.6%.
The U.S. economy added 157,000 jobs last month, fewer than the 180,000 economists were expecting, but investors were encouraged by the government's revisions to its 2012 data. The revisions showed that the economy added 335,000 more jobs in 2012 than originally reported.
"The revisions point to a fairly healthy 181,000 per month trend in 2012, which is more than strong enough over time to bring down the unemployment rate," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.
In January, however, the unemployment rate ticked up slightly to 7.9% from 7.8% in December. Economists were expecting the rate to edge lower to 7.7%.
The stalled unemployment rate is "giving strength to the argument that the Fed will continue its bond buyign program and keep rates low, which is also a positive for the stock market," said Tom Schrader, managing director at Stifel Nicolaus.
The Fed's commitment to low rates is also boosting the bond market, said Schrader. The price of the 10-year Treasury rose, pushing the yield down to 1.93%, down from 1.98% late Thursday.
Also on the agenda Friday, the Census Bureau will release data on December construction spending after the opening bell. The Institute for Supply Management will also publish its monthly manufacturing index, and the University of Michigan will release data on consumer sentiment.
More positive data could push stocks even higher, said Schrader.
Stocks have started the year strong, with the Dow gaining 5.9% in January, its the best performance for that month since 1994. Both the Dow and S&P 500 are flirting with their all-time highs reached in October 2007. The Dow is just a little more than 2% from its record high, while the S&P 500 is about 5% from its highest level.
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In corporate news, Exxon Mobil (XOM, Fortune 500) reported better-than-expected earnings and revenue, but shares edged lower.
Rival oil giant Chevron (CVX, Fortune 500) is also on tap to report earnings.
Merck (MRK, Fortune 500) shares declined after the company topped earnings expectations but gave a cautious outlook for 2013.
Shares of toy maker Mattel (MAT, Fortune 500) edged higher even after it missed earnings and sales forecast for the fourth quarter, which includes the holiday shopping period.
Dell (DELL, Fortune 500) shares climbed almost 5% after a Reuters report said the PC maker is nearing a deal to go private as early as Monday. The company, which is behind brands like Hot Wheels and Fisher-Price, said sales of Barbie brand products slipped 4% last quarter.
Zoetis, an animal-health company owned by drug giant Pfizer (PFE, Fortune 500), will make its public debut Friday, listing on New York Stock Exchange under the symbol ZTS. The company raised $2.2 billion in its initial public offering, with shares pricing at $26 each, well above the target range. Zoetis' IPO is the largest since Facebook (FB) raised $16 billion last May.
European markets were higher in afternoon trading.
Asian markets ended mostly firmer, led by gains in Shanghai, which shrugged off the mixed news about China's manufacturing sector. Two separate purchasing managers' surveys on China showed manufacturing activity continued to expand in January, but painted a mixed picture on the pace of recovery.
The dollar rose against the British pound and Japanese yen, but edged lower versus the euro.
Oil priced slid, while gold prices gained 1%. 
First Published: February 1, 2013: 9:53 AM ET
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