NEW YORK (TheStreet) -- Stocks were trading narrowly mixed on Friday afternoon after Greece's new government showed no signs of relenting in its discussions with the European Central Bank on reforms to its bailout program. Benchmark indexes rose earlier in the session following a rally in crude oil prices and better-than-expected jobs figures.

"We will not accept any deal which is not related to a new program," an unnamed official told Reuters

Greek Finance Minister Yanis Varoufakis has been meeting with ECB officials to try to relax the conditions of the country's bailout package. Greece's fiscal future has looked unstable since anti-austerity party Syriza was elected last week, triggering fears the new government could compromise the country's ability to repay debts. 

Ratings agency Standard & Poor's downgraded Greece's debt rating to B- from B, arguing that "liquidity constraints have narrowed the timeframe during which Greece's new government can reach an agreement."

The S&P 500 added 0.02% and the Dow Jones Industrial Average was down 0.14%. The Nasdaq fell 0.09%.

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Crude oil was extending gains on Friday with West Texas Intermediate up 1.8% to $51.41 a barrel. The bruised and battered commodity has surged around 20% over the past six sessions on signs of lessening production providing a temporary salve to oversupply. The worldwide count for oil rigs fell 261 and domestic oil rigs fell by 199 over January, according to Baker Hughes data. The overall monthly data included a week in mid-January in which U.S. oil rigs saw their largest weekly drop since 1987. 

The U.S. economy added 257,000 jobs in January, the 12th straight month of jobs gains greater than 200,000. Economists had expected the Bureau of Labor Statistics to report an increase of 230,000 jobs over the month.

Average hourly wages increased 0.5%, their biggest monthly gain since November 2008, and above estimates of a 0.3% increase. Average hourly wages had shown worrying signs of stagnating after an unexpected 0.2% drop in December.

"One must grade this a 10 and dovetails neatly into our presumption that the [Federal Reserve] drops 'patient' at the March meeting as key metrics continue to trend their way," said TD Securities' Eric Green. "The issue is to what extent these global headwinds ultimately redraw the cost/benefit calculus to move rates higher in nine months, a view based on a current assessment of how conditions are likely to evolve."

Treasuries tumbled on Fed rate hike speculation, pushing two-year yields to two-month highs. Yields jumped 10 basis points to 0.63%. The U.S. dollar spiked 1.4% against the euro.

The unemployment rate nudged 100 basis points higher to 5.7%, one of the few negative points in a blowout report. But even this could be spun into a positive, said EverBank's Chris Gaffney.

"More of the unemployed are coming back into the labor market. They're seeing some possibilities so I think that tick-up in the unemployment rate is actually another positive," he said in a call.

Financials were spiking on the possibility of a rate hike from the Federal Reserve sooner rather than later. Bank of America (BAC) , Wells Fargo (WFC) , Citigroup (C) and JPMorgan (JPM) were all higher, while the Financial Select Sector SPDR ETF (XLF) surged 1.2%.

Earnings came in mixed for tech companies. GoPro (GPRO) tumbled 12% after worrying investors with weaker-than-expected guidance. The action camera maker said it expects first-quarter guidance no higher than 17 cents a share. Analysts' consensus at the midpoint was 17 cents a share. The company said gross margins would likely drop to 44% from 48%.

LinkedIn (LNKD) soared more than 11% after beating quarterly earnings estimates and reporting a 44% jump in sales. On the beat, Credit Suisse, Evercore and Bank of America each lifted their price targets.

Twitter (TWTR) jumped 15.8% after reporting ad revenue up nearly 100% to $432 million, on top of a 109% surge in the previous quarter. Total revenue climbed 97%, while earnings of 12 cents a share were more than double analysts' estimates.

Pandora (P) plummeted 16.8% after missing sales and earnings estimates in its fourth quarter and guiding for below-consensus sales in its current quarter. Despite this, total listener hours were up 15% in the quarter, while active listeners jumped 7% to 81.5 million.

In M&A news, Harris (HRS) announced it had agreed to purchase aerospace company Exelis (XLS) in a cash-and-stock deal worth $4.75 billion. Harris shares were up 9.4% and Exelis shares exploded 36.2%.

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--Written by Keris Alison Lahiff in New York.