U.S. stocks closed higher on Friday as investors embraced a positive non-farm payroll report.

Friday's gains came after the Labor Department reported that the economy added 227,000 jobs in February, more than economists had anticipated. Meanwhile, the February unemployment rate remained at 8.3 percent, in line with expectations.

However, the International Swaps & Derivatives Association ( ISDA) said late Friday that Greece's use of collective action clauses forcing investors to take losses under its debt restructuring triggers payouts on 3 billion euros of default insurance.

Earlier in the day, Greece managed to persuade the vast majority of its bond holders to take a loss on their investments, which was going to be the biggest national debt write-off in history for the debt-trapped country.

Investors were relieved to know that the deal saved Greece from a short-term bankruptcy, but ISDA's announcement led some investors short their stocks and eased some gains of the market.

The Dow Jones industrial average gained 14.08 points, or 0.11 percent, at 12,922.02. The Standard & Poor's 500 was up 4.96 points, or 0.36 percent, to 1,370.87. The Nasdaq Composite Index rose 17.92 points, or 0.60 percent, to 2,988.34.

For the week, three major indexes were mixed. The blue-chip Dow slipped about 0.4 percent. The broader S&P 500 was almost unchanged while the tech-heavy Nasdaq added about 0.4 percent.

As for other markets, crude oil prices rose on Friday as the U. S. nonfarm employment report for February came in upbeat, lifting sentiment.

Light, sweet crude for April delivery added 82 cents, or 0.77 percent to settle at 107.40 dollars a barrel on the New York Mercantile Exchange. For this week, it rose slightly 70 cents, or 0.66 percent.

In London, Brent crude for April delivery gained 54 cents, or 0. 43 percent to close at 125.98 dollars a barrel. For this week, it increased 2.33 dollars, or 1.88 percent. The U.S. dollar rose against major currencies in late New York trading on Friday with the dollar index gaining 1.09 percent to 80.