The U.S. stock market continues to rally Friday morning as three reports this week have eased concerns over unemployment.

The S&P 500 Index rose 9.51 points, or 0.85 percent, to trade at 1,132.48 at 10:13 am EST.  The Dow Jones Industrial Average rose 77.77 points, or 0.74 percent, to trade at 10,521.91.  The Nasdaq Composite rose 0.92 percent.

At 8:30 am EST, the Bureau Labor Statistics (BLS) reported that unemployment rate for January fell to 9.7 percent and non-farm payroll decreased by 36,000.  According to economists surveyed by Bloomberg, both measures were better than expected.

Unemployment claims on Thursday and the ADP private non-farm payroll on Wednesday were in line with expectations, according to Bloomberg.  The ADP report showed the least decline since January 2008.

The solid economic reports eased market participants as some were wary that the snow storm will lead to gloomy unemployment data.   

Earlier in the week, Larry Summers, Director of President Obama's National Economic Council, stated on CNBC that the severe weather may distort the figures.

Who knows what the next number is going to be.  The blizzards that affected much of the country during the last month are likely to distort the statistics, said Summers.

It's going to be very important to...look past whatever the next figures are to gauge the underlying trends for unemployment, he added.

The BLS report on Friday stated that it is not possible to quantify precisely the net impact of the winter storms on these measures.

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