* 178,000 jobs added in November vs. est. 175,000
* Bank stocks weigh on S&P, Dow
* Pandora jumps on CNBC report of sale to Sirius
* Dow down 0.03 pct, S&P up 0.24 pct, Nasdaq up 0.25 pct
(Adds details, updates prices)
By Yashaswini Swamynathan
Dec 2 The S&P and the Nasdaq rose for the first
time in three days, helped by gains in healthcare and consumer
staples stocks, but the Dow was weighed down by Goldman Sachs.
Major Wall Street indexes have hit a series of record highs
after Donald Trump won the U.S. presidential election as
investors bet that his policies would be market friendly.
The post-election rally was led by bank and industrial
sectors, which would benefit from simpler regulations and higher
The S&P 500 financial index has risen 13 percent
since the Nov. 8 vote, while industrials rose 7.5
In contrast, defensive sectors such as utilities and
consumer staples as well as technology stocks have struggled.
A report from the U.S. Labor Department showed that
employers in private and public sectors hired more people last
month than economists had expected, adding to the prospects of
an interest rate hike when the Federal Reserve meets in the
However, investor reaction to Friday's jobs report was muted
as investors appeared to have already priced in a hike this
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 11:06 a.m. ET the Dow Jones industrial average was
down 6.26 points, or 0.03 percent, at 19,185.67.
The S&P 500 was up 5.19 points, or 0.24 percent, at
2,196.27 and the Nasdaq Composite was up 13.21 points,
or 0.25 percent, at 5,264.32.
Eight of the 11 major S&P 500 sectors were higher, while
financials took the biggest hit, with a 0.68 percent drop.
Goldman Sachs fell for the first time in four days,
weighing the most on the Dow, while Bank of America,
Citigroup and Wells Fargo were the top drags on
"The move in financials is nothing more than people taking
some profits after a strong run," said Andre Bakhos, managing
director at Janlyn Capital in Bernardsville, New Jersey.
Starbucks fell 2.4 percent to $57.11 after the
coffee chain operator said Howard Schultz would step down as
chief executive officer.
Pandora surged more than 10 percent after CNBC
reported the internet radio company was in talks to sell itself
to Sirius XM.
Advancing issues outnumbered decliners on the NYSE by 1,780
to 1,026. On the Nasdaq, 1,504 issues rose and 1,113 fell.
The S&P 500 index showed 11 new 52-week highs and five new
lows, while the Nasdaq recorded 54 new highs and 36 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by