U.S. stocks open lower on jobs report

U.S. stocks opened lower on Friday as investors were digesting February's job data.

Total nonfarm payroll employment increased by 295,000 in February, above expectations, and the unemployment rate edged down to 5.5 percent, the U.S. Labor Department said Friday.

A strong monthly jobs report, however, heightened expectations the U.S. Federal Reserve could raise interest rates sooner than anticipated.

In February, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to 24.78 U.S. dollars, below consensus. Over the year, average hourly earnings have risen by 2.0 percent.

In corporate news, Apple, the largest U.S. company by market value, will join the Dow Jones Industrial Average on March 18, replacing AT&T, said S&P Dow Jones Indices in a press release on Friday.

Shortly after the opening bell, the Dow Jones Industrial Average plunged 110.07 points, or 0.61 percent, to 18,025.65. The S&P 500 lost 9.13 points, or 0.43 percent, to 2,091.91. The Nasdaq Composite Index decreased 11.01 points, or 0.22 percent, to 4,971.80.

U.S. stocks posted modest gains amid soft data Thursday, as investors were encouraged by details on quantitative easing in the eurozone.

The European Central Bank (ECB) said Thursday that its quantitative easing program (QE) will start on Monday.

"As previously stated, the combined monthly purchases of public and private sector securities will amount to 60 billion euros," said ECB President Mario Draghi. Endi