* 178,000 jobs added in November vs est. 175,000
* Unemployment rate slips to more than 9-yr low
* Ulta Salon top pct gainer on S&P
* Dow down 0.12 pct, S&P 0.15 pct, Nasdaq 0.32 pct
(Updates to open; adds comments)
By Yashaswini Swamynathan
Dec 2 The S&P 500 and the Nasdaq rose in morning
trade on Friday, lifted by gains in consumer staples and utility
stocks, while the Dow was weighed down by declines in bank
Industrial and banks stocks have been the biggest gainers of
a post-election rally as investors expect these sectors to
benefit the most from President-elect Donald Trump's policies.
In contrast, shares of utilities and technology companies
have largely struggled.
Since Nov. 8, the S&P 500 utilities index and the
consumer staples index have been the worst performers,
falling over 4.5 percent.
Financials have risen 13 percent, while industrials
However, fortunes changed on Friday, with the defensive
utilities rising 1.3 percent and staples up 0.7 percent,
boosting the S&P 500 index.
"After the initial enthusiasm, the market takes a break and
we're beginning to see a consolidation in which you are going to
get choppy, erratic movements," said Andre Bakhos, managing
director at Janlyn Capital, in Bernardsville, New Jersey.
Financials fell 0.87 percent, which Bakhos attributed to
A report from the U.S. Labor Department showed 178,000 jobs
were added in the public and private sectors in November,
compared with economists' expectation of 175,000. Unemployment
rate dropped to a more than nine-year low of 4.6 percent.
However, investor reaction to Friday's report was muted as
the markets have already priced in a rate hike in December.
Traders currently see a 92.4 percent chance of a hike this
month, according to Thomson Reuters data.
Wall Street believes that the Fed is going to raise interest
rates in December regardless of Friday's jobs data, given the
sustained growth in the labor market, said Mark Cabana, head of
U.S. short rates strategy at Bank of America Merrill Lynch in
At 9:44 a.m. ET the Dow Jones industrial average was
down 22.64 points, or 0.12 percent, at 19,169.29.
The S&P 500 was up 3.32 points, or 0.15 percent, at
2,194.4 and the Nasdaq Composite was up 16.70 points, or
0.32 percent, at 5,267.81.
Seven of the 11 major S&P sectors rose, with real estate
in the lead with a 1.62 percent rise.
Starbucks fell 3.13 percent to $56.68 after the
coffee chain operator said Howard Schultz would step down as
chief executive officer.
Ulta Salon rose 6.24 percent to $273.46 after the
company reported quarterly revenue above analysts' expectations.
Advancing issues outnumbered decliners on the NYSE by 1,487
to 1,169. On the Nasdaq, 1,298 issues rose and 967 fell.
The S&P 500 index showed four new 52-week highs and four new
lows, while the Nasdaq recorded 29 new highs and 17 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by