The S&P 500 regained positive territory for the year on Friday after the November jobs report removed some of the uncertainty over the Federal Reserve's rates decision in two weeks. 

The S&P 500 was up 1.3%, up 0.88% for the year. The Dow Jones Industrial Average added 1.5%, and the Nasdaq gained 1.4%.

The U.S. added 211,000 jobs to payrolls in November, roughly in line with expectations. The report marks the last key data on the state of the labor market before the Federal Reserve meets Dec. 15-16. The unemployment rate remained stable at 5% and average hourly earnings growth slowed to 0.2%.

"The November employment report will easily reassure the Fed that the threshold on the employment side of their mandate to raise rates has been met," BNP Paribas analysts wrote in a note. "The Fed's recent rhetoric suggests that a December rate hike is a done deal while we are looking at a possible bump in the road next year that would force the Fed to pause its every-other meeting rate hike schedule."

Markets were also rebounding after a steep selloff on Thursday. Stocks were beaten up as investors expressed disappointment over the European Central Bank's latest moves to boost the eurozone's economy. Wall Street had expected ECB President Mario Draghi to announce an increase to the central bank's current asset repurchase program of 60 billion euros a month. 

Crude oil slid on Friday after the Organization of Petroleum Exporting Countries pushed its oil production ceiling to 31.5 million barrels a day, above a previous cap of 30 million, according to Bloomberg. OPEC has yet to make the decision public. The member countries have held production at record highs to maintain market share as crude prices tanked. West Texas Intermediate fell 1.7% to $40.39 a barrel.

Energy was the only sector in the red on Friday. Among its worst performers, Exxon Mobil (XOM - Get Report) fell 1.2%, Chevron (CVX - Get Report) sank 1.9%, and BP (BP - Get Report) slid 1.7%. The Energy Select Sector SPDR ETF (XLE - Get Report) fell 1.4%.

Gap (GPS - Get Report) shares slid after the retailer reported an 8% drop in same-store sales in November, steeper than an expected 6.3% decline. The company said sales fell 4% at its namesake stores, 19% at Banana Republic stores and 9% at Old Navy.

Avon Products (AVP - Get Report) surged 10% on reports it is close to selling its North American business. The cosmetics company is reportedly in advanced talks with Cerberus Capital, according to Dow Jones.  

Big Lots (BIG - Get Report) added more than 1% in premarket trading after guiding for full-year profit as high as $3 a share, above estimates of $2.96. The retailer also reported a 1% increase in third-quarter sales to $1.12 billion, though narrowly missed quarterly earnings forecasts.

Norfolk Southern (NSC - Get Report) fell after rejecting Canadian Pacific's (CP - Get Report) acquisition offer, calling it "grossly inadequate." The railway company previously received an unsolicited bid worth $46.72 a share, a 10% premium at the time of the offer.

Ambarella (AMBA - Get Report) fell more than 1% in premarket trading after issuing softer-than-expected guidance for its fourth quarter. The chipmaker expects fourth-quarter revenue between $65 million and $67.5 million, below estimates of $76.3 million. GoPro (GPRO - Get Report) , one of Ambarella's clients, recently guided for a weaker fourth quarter.

Barnes & Noble (BKS) tumbled 8% after swinging to a quarterly loss in its second quarter. The bookstore chain reported a loss of 52 cents a share, wider than an expected loss of 31 cents. Sales fell nearly 5%, dragged on by a 32% decline in sales of its NOOK e-reader.