Odds of a 50 basis point cut dropped to 0% from 53% last week after the strong September jobs report, according to the CME FedWatch Tool.

U.S. stocks rallied Friday on fresh signs of a strong labor market, with the Dow Jones Industrial Average ending at a record peak while the bond market dialed back recession fears.

The September job report "should put to rest – at least for the next month – the idea that the economy is about to fall off a cliff or that imminent doom is on the horizon," says Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.