* Nonfarm payrolls increase 211,000 in November
* Unemployment rate holds steady at 5 pct
* Average hourly earnings increase 4 cents
* Futures up: Dow 79.00 pts, S&P 9.25 pts, Nasdaq 14.00 pts (Adds quote, jobs data, updates prices)
By Sweta Singh
Dec 4 (Reuters) - U.S. stock futures extended gains on Friday after stronger-than-expected jobs data showed the economy was strengthening, building the case for an interest rate hike this month.
Nonfarm payrolls increased 211,000 in November, the Labor Department said on Friday. September and October data was revised to show 35,000 more jobs than previously reported.
The unemployment rate held at a 7-1/2-year low of 5 percent, even as people returned to the labor force in a sign of confidence in the jobs market.
“Investors are looking at a potential of a Fed tightening as a glass half full. They are celebrating that the economy is strong enough to sustain higher interest rates,” Jack Ablin, chief investment officer at BMO Private Bank in Chicago, said.
Federal Reserve Chair Janet Yellen presented an upbeat assessment of the economy in Congressional testimony on Thursday, saying conditions had largely met the criteria the Fed has set for its first rate hike in a decade.
Though weak global growth remains a drag, she said the United States is far more dependent on domestic consumption and investment which, is strong enough to produce growth that is slightly above trend.
The Fed’s policy-setting committee will meet on Dec. 15-16.
The S&P 500 suffered its biggest daily drop since late September on Thursday after the European Central Bank disappointed market hopes for a more aggressive economic stimulus program.
Federal Reserve Bank of New York President William Dudley and ECB President Mario Draghi will participate in a meeting of the Economic Club of New York later on Friday.
S&P 500 e-minis were up 9.25 points, or 0.45 percent, with 231,437 contracts traded. Nasdaq 100 e-minis were up 14 points, or 0.3 percent, on volume of 35,933 contracts. Dow e-minis were up 79 points, or 0.45 percent, with 30,794 contracts changing hands.
Cooper Cos Inc shares fell 12 percent to $125 in premarket trading after the medical device maker cut its 2016 outlook and reported a lower-than-expected quarterly profit.
Kalobios Pharmaceuticals shares rose 19.5 percent at $35.05 after the company said it was acquiring worldwide rights to a compound being developed for the treatment of Chagas disease.
GoPro shares fell 4.4 percent to $18.10 after Robert W. Baird cut its rating on the stock to “neutral” from “outperform”. (Reporting by Sweta Singh in Bengaluru; Editing by Don Sebastian)