NEW YORK (TheStreet) -- U.S. stock markets climbed on Friday to end the week higher as weaker-than-expected jobs growth minimized worries the Federal Reserve would hike rates sooner than later. Also helping the markets end the session positive, the Ukraine and pro-Russia forces signed a ceasefire agreement, easing geopolitical uncertainty which had hung over markets through the week.

By market close, the S&P 500I:GSPC  had gained 0.5% to 2,007.7, the Dow Jones Industrial AverageI:DJI  was up 0.4% to 17,137.3, and the NasdaqI:IXIC added 0.45% to 4,582.9.

Nonfarm payrolls rose by 142,000 in August from an upwardly revised 212,000 in July. The reading was lower than the 225,000 increase economists had expected for August and the smallest gain this year. The labor force participation rate remained low at 62.8% in August, essentially unchanged since April. As expected, the joblessness rate inched down to 6.1% from July's 6.2%.

"The worse-than-expected jobs number makes many believe that an increase in rates may be delayed some," said Schaeffer's Investment Research's senior equity analyst Joe Bell.

While the headlines numbers were at odds with the recent string of strong ISM reports and inspired views that they would give Fed Chair Janet Yellen more latitude in deciding when to raise rates, Voya Investment Management's senior market strategist Karyn Cavanaugh warned that August is a "tricky" month with a lot of seasonal hiring.

"I suspect we could see some revisions. The path back to normal will be paved with some volatility but the overall market trend is up. The data is too positive to support a delay," she said.

In top corporate headlines,Starbucks (SBUX) - Get Report  inched 1% higher to $77.95 after announcing the December launch of its first-ever Starbucks Reserve Roastery and Tasting Room in Seattle. The company expects the integrated coffee roasting, education and retail space will pave the way for it to grow its Starbucks Reserve coffee presence to 1,500 stores globally by the end of fiscal 2015 and open at least 100 stores designed to highlight these rare coffees.

After a hacker managed to expose several celebrities' private photographs, Apple (AAPL) - Get Report said it planned to update and tighten its iCloud security. Shares added 0.87% to $98.97.

El Pollo LoCo (LOCO) - Get Report  posted a 6.3% increase in revenue to a higher-than-expected $86.9 million in the second quarter. Earnings were in line with analysts' estimates. Shares jumped more than 5% in after-hours trading on Thursday and extended gains to Friday, rising 4.2% to $36.24.

Family Dollar Stores (FDO)  fell 1.2% to $79.11 and Dollar General (DG) - Get Report  lost 2.3% to $63.01 after Family Dollar rejected the larger rival's sweetened bid of $9.1 billion based on antitrust considerations.

Rite Aid (RAD) - Get Report , the world's third-largest pharmacy chain, continued to gain after reporting a 3.1% year over year increase in August same store sales on Thursday. Shares spiked 5.5% to $6.49.

U.S. regulators are proposing to label insurer MetLife (MET) - Get Report  as a potential threat to the financial system, a designation that brings stricter government oversight. The stock was down 0.29% to $55.26.

The SPDR Gold Trust (ETF) (GLD) - Get Report  edged up 0.48% to $122.06. The United States Oil Fund (USO) - Get Report  was down 1.1% to $34.90.

--By Andrea Tse and Keris Alison Lahiff in New York