U.S. stock index futures rallied more than 1 percent on Friday after a report showed job growth accelerated more than expected in July as private employers stepped up hiring.

S&P 500 futures rose 12.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures climbed 126 points and Nasdaq 100 futures advanced 16.25 points.

A day after U.S. stocks suffered their worst selloff since the middle of the financial crisis in early 2009, many traders had expected an anemic jobs report.

(Reporting by Ryan Vlastelica)