NEW YORK (TheStreet) -- Stock futures were extending gains Friday after a report showed the U.S. unemployment rate unexpectedly fell last month to its lowest level since 2009.

Futures for the

Dow Jones Industrial Average

were up 103 points, or 116.6 points above fair value, at 12,769. Futures for the

S&P 500

were up 12.1 points, or 13 points above fair value, at 1,335. Futures for the

Nasdaq

were up 23.5 points, or 22.8 points above fair value, at 2,515.

The Bureau of Labor statistics announced Friday morning that the U.S. economy added 243,000 jobs in January to push the unemployment rate down to 8.3%, the lowest level since February 2009. Economists had expected the addition of 150,000 new jobs last month, and for the unemployment rate to remain unchanged at 8.5%.

The number of jobs added in December was also upwardly revised to 203,000 from 200,000, while November's figures were boosted to 157,000 from 100,000.

"Virtually every economist on the planet had expected a drop in the rate of job gains in January which makes today's upward surprise even more surprising," said Dan Greenhaus, chief global strategist at BTIG. "job growth at this pace and declines of this magnitude in the unemployment rate, if continued, would absolutely and unquestionably take QE3 off the table."

In Europe, Greece and its European creditors are expected to wrap up talks about a fresh bailout plan in coming days which would involve private creditors taking more than a 70% loss on their holdings.

Germany's DAX was up 0.1% while London's FTSE was up 0.4%. Japan's Nikkei Average settled down 0.5% higher and Hong Kong's Hang Seng was up 0.1%.

On Thursday, stocks finished mixed amid lackluster earnings results. Ahead of Friday's jobs report, the latest reading on initial jobless claims ticked in at 367,000, slightly below estimates.

In corporate news, private-equity firm

Blackstone

(BX) - Get Report

is studying a leveraged buyout of

Brocade Communications Systems

(BRCD)

, according to

Bloomberg

, which cites a person with knowledge of the situation. Brocade has been seeking a buyer since 2009,

Bloomberg

said. While Blackstone is in talks with Brocade, reaching a deal may be difficult, the person told the news agency. Brocade has a market value of $2.65 billion.

Panasonic

( PC) cautioned investors that it may be heading toward a record loss of 780 billion yen ($10.2 billion) on weak TV and mobile phone sales and restructuring costs related to the acquisition of

Sanyo Electronics

. Panasonic said it will see 514 billion yen in restricting costs, as well as a 250 billion yen writedown from the 2009 acquisition of Sanyo.

Tyson Foods

(TSN) - Get Report

reported stronger-than-expected fiscal first-quarter earnings as pork sales jumped 11.2%.The meat and chicken processor said it earned 42 cents a share on revenue of $8.3 billion in its fiscal first quarter. Analysts expected to see earnings of 33 cents a share on revenue of $8.3 billion, according to Thomson Reuters. Earnings on a per share basis fell from 78 cents a share in the prior year as sales climbed 9.4% from $7.6 billion.

Weyerhaeuser

(WY) - Get Report

reported better-than-expected fourth-quarter earnings Friday despite reporting income that fell 62% as the company recorded restructuring charges and write-downs. The forest products company said it earned 12 cents a share on revenue of $1.62 billion, compared to profit of 32 cents a share a year earlier. Analysts polled by Thomson Reuters expected the company to post fourth-quarter earnings of 6 cents a share on revenue of $1.59 billion.

Acme Packet

( APKT), the maker of networking software and equipment, posted fourth-quarter earnings below analysts' forecasts. Acme Packet posted non-GAAP earnings of $18.3 million, or 26 cents a share, on revenue of $83 million. Analysts were expecting profit of 28 cents a share on revenue of $85.2 million.

Take-Two Interactive Software

(TTWO) - Get Report

, the videogame maker, posted fiscal third-quarter adjusted earnings of 27 cents a share. Analysts were expecting earnings of 23 cents. Take-Two said a delay for its "Max Payne 3" game, and other issues, will lead to a fourth-quarter adjusted loss of 50 cents to 65 cents a share on revenue of $112 million to $162 million. Analysts forecast a loss of 11 cents on revenue of $185 million.

March oil futures were up 65 cents to $97.01 a barrel, while April gold futures were falling $5.40 to $1,753.90 an ounce.

The dollar index was rising 0.3%. The benchmark 10-year Treasury was sinking 21/32, pushing the yield to 1.898%.

-- Written by Chao Deng and Kaitlyn Kiernan in New York

.

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Chao Deng

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Kaitlyn Kiernan

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