U.S. stocks open slightly lower despite upbeat payrolls report

U.S. stocks opened slightly lower Friday after two days' sharp gains, as investors were assessing the better-than-expected U.S. nonfarm payrolls for December.

Total nonfarm payroll employment rose by 252,000 in December, and the unemployment rate declined by 0.2 percentage point to 5.6 percent, the U.S. Labor Department said on Friday. Both figures topped analysts' estimates.

"2014 ends with a bang" as job growth in the fourth quarter averaged 289,000, said Chris Low, chief economist at FTN Financial, in a note.

"This report will keep the FOMC (Federal Open Market Committee) focused on 2015 tightening. The only questions are when will they opt for liftoff, and will the tenor of data change before we get there," Low said.

Moreover, the jobs report showed a lack of acceleration in wage growth, as average hourly earnings for all employees on private nonfarm payrolls decreased by 5 cents in December.

Some analysts believe that a lack of wage pressure would allow the U.S. Federal Reserve to keep interest rates low for a bit longer.

Shortly after the opening bell, the Dow Jones Industrial Average fell 39.30 points, or 0.22 percent, to 17,868.57. The S&P 500 lost 2.92 points, or 0.14 percent, to 2,059.22. The Nasdaq Composite Index slipped 3.47 points, or 0.07 percent, to 4,732.72.

On Thursday, U.S. stocks rose sharply for a second day, as improvements in the labor market and a patient Federal Reserve helped Wall Street recover from sharp selloffs due to plunging oil prices at the beginning of the year. Endi