NEW YORK (TheStreet) -- U.S. stock index futures were surging Friday after a week of lackluster action as investors cheered a stronger-than-expected U.S. government jobs report, which was proving the labor market recovery remains robust. Firm U.S. trade data also was adding to the gains.

Dow Jones Industrial Average futures surged by 118 points, or 126.95 points above fair value. S&P 500 futures increased 14.75 points, or 14.53 points above fair value. Nasdaq futures were ahead by 30 points, or 30.48 points above fair value.

Watch the video below for a look at how U.S. futures are doing Friday morning:

The Bureau of Labor Statistics reported that the U.S. created a greater-than-expected 248,000 jobs in September, rising from an upwardly revised August jobs number of 180,000. The headline figure for July was upwardly revised to 243,000, bringing the combined employment gains in July and August to 69,000 more than previously reported.

The jobless rate in September dropped to its lowest since July 2008 at 5.9%, down from 6.1% in August. Economists surveyed by Reuters, on average, were expecting a September jobs gain of 215,000 and the jobless rate to hold at 6.1%.

The U.S. trade deficit narrowed by 0.5% in August to $40.1 billion, while the July trade gap was downwardly revised to $40.3 billion from $40.5 billion.

The U.S. 10-year yield rose to 2.439% on the stronger numbers, which potentially portended a more hawkish Federal Reserve.

The ISM Non-manufacturing Index for September is scheduled for a 10 a.m. release with the Markit PMI services index for September scheduled for 9:45 a.m.

In corporate news on Friday, JPMorgan (JPM) said the personal data of about 76 million retail customers and 7 million business customers was compromised in a security breach that the bank first disclosed this summer. Shares were flat in premarket trading.

Linn Energy (LINE) rose 0.93% after announcing that it will sell its entire position in the Granite Wash and Cleveland plays  in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest for $1.95 billion. It will also sell its Wolfberry positions in Ector and Midland counties in the Permian Basin to Fleur de Lis Energy for $350 million. Proceeds from these sales are expected to finance the company's $2.3 billion acquisition of assets from Devon Energy (DVN) , which closed in August .

Salix Pharmaceuticals (SLXP) and Italy's Cosmo Pharmaceuticals said they have terminated their merger agreement, a deal that was structured as a so-called inversion, because of a "changed political environment." Salix jumped 5.9%. 

Charles Schwab (SCHW)  dropped the Pimco Total Return Fund from its 10 target date funds and collective trusts, a company spokeswoman told Reuters. The firm completed its review of the fund this week following the announcement last Friday that Bill Gross, Pimco's co-founder and manager of the fund, was leaving to join Janus Capital (JNS) .

Walt Disney (DIS)  extended Robert Iger's contract as chairman and CEO by two years through June 30, 2018. Disney shares were up slightly higher.

The SPDR Gold Trust (GLD) was off 0.55% and the United States Oil Fund (USO) was down 0.47% as the U.S. dollar strengthened on the jobs report and as light sweet crude oil prices hovered at the $90-a-barrel level on supply glut concerns.

-- By Andrea Tse in New York

Follow @AndreaTTse