* March job additions drop to lowest since last May
* U.S. fired missiles at Syrian air base late Thursday
* Banks drop on weak data, weapons makers jump
* Indexes up: Dow 0.05 pct, S&P 0.02 pct, Nasdaq 0.03 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
April 7 U.S. stocks were little changed in
choppy trading on Friday after a U.S. missile strike on Syria
sent investors scurrying to safe-havens, while weak jobs data
weighed on financial stocks.
U.S. employers added about 98,000 jobs in March, the fewest
since last May and below economists' expectation of 180,000, as
bad weather hit hiring at construction sites. However, wage
growth ticked up slightly and the unemployment rate fell.
Bank stocks were hit the most. The S&P 500 financial index
was down 0.56 percent, the biggest decliner among the 11
major S&P 500 sectors.
"This morning's job numbers place another speed bump in
front of the equity rally," said Chris Gaffney, president of
world markets at EverBank in St. Louis.
At 12:23 p.m. ET (1623 GMT), the Dow Jones Industrial
Average was up 10.89 points, or 0.05 percent, at
20,673.84, the S&P 500 was up 0.62 points, or 0.02
percent, at 2,358.11 and the Nasdaq Composite was up
1.84 points, or 0.03 percent, at 5,880.79.
"These payroll numbers and the missile strike in Syria will
give investors cause for concern. Any momentum in the markets
has now been sucked out," Gaffney said.
The United States late on Thursday fired several missiles at
an airfield in Syria from which a deadly chemical attack was
launched earlier this week.
The news of the attack sent global stocks lower, with the
S&P 500 futures index falling as much as 0.5 percent. But most
of the losses ebbed after U.S. officials described the attack as
a one-off that would not lead to wider escalation.
The industrials sector was up 0.23 percent, led by
weapons makers and defense companies. Raytheon, which
makes the Tomahawk cruise missiles used in the strike, jumped
Lockheed Martin, General Dynamics and
Northrop Grumman were up between 1.3 percent and 1.6
Other sectors that gained were utilities and
telecom services sectors, preferred investment options
in times of uncertainty due to their slow but predictable
growth. Gold prices hit a five-month high.
Consumer staples, another defensive sector, was lifted by a
1.8 percent rise in Wal-Mart after Telsey Advisory
upgraded the retailer's stock to "outperform".
Advancing issues outnumbered decliners on the NYSE by 1,505
to 1,272. On the Nasdaq, 1,382 issues fell and 1,317 advanced.
The S&P 500 index showed nine 52-week highs and one low,
while the Nasdaq recorded 39 highs and 30 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; additional
reporting by Herbert Lash in New York; Editing by Savio D'Souza
and Saumyadeb Chakrabarty)