Stocks rallied at the end of a choppy session on Friday as investors weighed what the latest jobs report will mean for the Federal Reserve's future interest rate hikes. The Dow Jones Industrial Average soared over 400 points, while the S&P 500 Index and Nasdaq Composite both added over 1%.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +1.36% or +50.66 points to 3,770.55

Dow Jones Industrial Average (DIA  ): +1.26% or +401.97 points to 32,403.22

Nasdaq Composite Index (QQQ  ): +1.28% or +132.31 points to 10,475.25

Despite Friday's upbeat session, all major averages ended the week with losses. The Dow lost 1.4%, snapping four weeks of gains. The S&P 500 and Nasdaq fell 3.35% and 5.65%, respectively, both ending two week winning streaks.

Driving Wall Street's moves on Friday, the U.S. economy added 261,000 jobs in October, according to the Labor Department's latest report. Surprisingly, September's report was upwardly revised to 315,000 from the 263,000 added positions previously reported. The unemployment rate rose to 3.7%.

Investors fear that last month's strong job numbers will push the Fed to continue its aggressive rate hiking campaign in effort to stabilize rising prices. However, there may be some positive signs from the rising unemployment rate signaling that the labor market is starting to cool slightly, which is what central bankers are looking for to inform their policy decisions.

Nevertheless, Chair Jerome Powell noted in remarks Wednesday that slight moderations in labor market data are not enough to pause interest rate increases.

"Although job vacancies have moved below their highs and the pace of job gains has slowed from earlier in the year, the labor market continues to be out of balance, with demand substantially exceeding the supply of available workers," Powell said Wednesday.

Beyond jobs data, investors also turned their attention to a fresh batch of earnings data on Friday.

Block (SQ  ) shares soared 11% after the payments company beat estimates on strong performance from its Cash App and Square offerings. Meanwhile, PayPal (PYPL  ) shares sunk after the payment company cut its revenue forecast to 8.5% from its prior outlook of 18%.

Carvana (CVNA  ) posted its worst day ever on Friday, falling 39%, after posting a wider-than-expected loss. CEO Ernie Garcia said on an earnings call late Thursday that the third quarter was the "most unaffordable point ever" for consumers who finance a vehicle purchase.

Twilio (TWLO  ) shares cratered 34% on Friday after the cloud communications company issued softer-than-expected guidance following its disappointing earnings report.

Elsewhere, Elon Musk was in the news, with the new Twitter (TWTR  ) CEO stating that the social media platform has "had a massive drop in revenue" due to advertisers pausing spending. Musk did not provide any numbers.

Twitter has laid off about 50% of its employees since Musk took over the company on Oct. 28.

Looking ahead, market participants are gearing up for another busy week of earnings reports, as well as Thursday's CPI report. Wall Street will also react to next week's midterm election results.