At noon AEST on Friday, the benchmark S&P/ASX200 index was up 86.6 points, or 1.13 per cent, to 7,768.6, while the broader All Ordinaries had gained 90.9 points, or 1.15 per cent, to 7,977.4.
Overnight the US Labor Department reported 233,000 Americans filed jobless claims last week, 17,000 fewer than the week before and less than the 240,000 claims economists were expecting.
"It is worth noting that these data are typically volatile," ANZ researchers Brian Martin and Daniel Hynes wrote in a client note. "The pace of rise does not indicate any undue weakness in the labour market but shows that it is gradually cooling."
The data is considered second-tier but acted to calm markets after two reports last week fuelled recessionary fears and led to a big market selloff.
With a few hours of trading left, the ASX200 remained on track to finish the week down 2.1 per cent following its 3.7 per cent drop on Monday, but Friday's rally gave reason for optimism.
Every sector was in the green at midday with the tech sector gaining the most, up 3.6 per cent.
Life360 had soared 18.3 per cent to $17.59 after the family tracking company reported it had grown quarterly revenue 20 per cent to $US84.9 million ($A128.7 million), and remained on track to reach positive operating earnings in 2025.
"Q2' 24 was excellent for Life360, as we set new records in business and financial performance, and completed our US IPO," said co-founder and chief executive Chris Hulls.
Elsewhere in the tech sector, Wisetech Global was up 4.0 per cent and Xero had added 3.2 per cent.
In the communications sector, News Corp was up 8.3 per cent to an all-time high of $44.81 as the media giant announced its fourth-quarter revenues had grown six per cent to $US2.58 billion ($A3.9 billion).
"Fiscal 2024 was an outstanding year for News Corp, we not only delivered robust earnings growth and created substantial shareholder value, but took a significant step to prepare the company to prosper in the AI age," said chief executive Robert Thomson, who added its partnership with OpenAI was "expected to be lucrative".
News Corp also said it was considering a sale of Foxtel Group, which includes its Binge and Kayo Sports streaming businesses, following some third-party interest in a transaction.
In the financial sector, QBE was down 3.1 per cent to a six-month low of $15.83 despite the insurer doubling its first-half profit to $US802 million ($A1.2 billion).
"We delivered a series of important initiatives through the period to support greater resilience and consistency," chief executive Andrew Horton said.
QBE was one of just eight of the 200 companies in the ASX200 in the red at midday.
ANZ was leading gainers among the big retail banks, up 1.9 per cent. NAB had added 1.2 per cent, Westpac had advanced 1.0 per cent and CBA was 0.5 per cent higher.
In the heavyweight mining sector, BHP was up 1.3 per cent, Rio Tinto had added 2.6 per cent and Fortescue had grown 1.7 per cent.
The Australian dollar was at a two-week high against its US counterpart, buying 66.00 US cents, from 65.59 US cents at Thursday's ASX close.
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