* U.S. economy added 235,000 jobs in Feb vs est. 190,000
* Unemployment rate edges down to 4.7 pct
* Indexes up: Dow 0.1 pct, S&P 0.26 pct, Nasdaq 0.36 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
March 10 U.S. stocks rose on Friday after a
solid jobs report underscored the strength of the labor market
and set the stage for the first interest rate hike this year.
A drop in oil prices, however, tempered the broader market
Data showed 235,000 jobs were added in the public and
private sectors in February, far exceeding economists' average
estimate of 190,000.
Job creation "is clearly running well ahead of the
around-75,000-a-month pace that is consistent with stable labor
resource utilization," JPMorgan chief U.S. economist Michael
Feroli wrote in a note to clients.
"This fact hasn't escaped the Fed, and today's number
easily clears the very low hurdle for the Fed to hike rates next
Traders have priced in a 92 percent chance of a rate
increase at the Federal Reserve's meeting next week, encouraged
by a strong labor market and a pick up in inflation.
Fed Chair Janet Yellen's conference on March 15 following
the two-day meeting will be closely watched for clues on the
pace of future rate hikes.
At 10:55 a.m. ET (1555 GMT), the Dow Jones Industrial
Average was up 21.63 points, or 0.1 percent, at
20,879.82, the S&P 500 was up 6.11 points, or 0.26
percent, at 2,370.98 and the Nasdaq Composite was up
20.86 points, or 0.36 percent, at 5,859.66.
Ten of the 11 major S&P sectors were higher, with technology
providing the biggest boost. Energy slipped
0.3 percent on the back of a 0.6 percent slide in oil prices.
In the 49 days of Donald Trump's presidency, the Dow has
broken above 21,000 points and the S&P 500 has crossed $20
trillion in market value on bets that he would usher in an era
of tax cuts, simpler regulations and higher infrastructure
Still, the lack of detail on Trump's plans has raised
questions about valuations, taken the heat off the post-election
rally and kept safe-haven gold in demand.
The S&P and the Nasdaq are on track to break a six-week
Among stocks, AbbVie rose 2.5 percent and provided
the biggest boost to the S&P after Goldman Sachs issued an
upbeat report on the drugmaker.
Finisar Corp, was the biggest percentage loser on
the Nasdaq, with a 19 percent decline after the network
equipment maker gave disappointing revenue and profit forecasts
for the current quarter.
Advancing issues outnumbered decliners on the NYSE by 1,807
to 986. On the Nasdaq, 1,739 issues rose and 898 fell.
The S&P 500 index showed 37 new 52-week highs and five new
lows, while the Nasdaq recorded 69 new highs and 17 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Shri Navaratnam and Saumyadeb Chakrabarty)