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1st LD Writethru: U.S. stocks extend losses amid jobs report

Xinhua, August 8, 2015 Adjust font size:

U.S. stocks ended mildly lower Friday, with the Dow Jones Industrial Average logging a seven- session losing streak, as Wall Street tried to digest the closely- watched nonfarm-payrolls report.

The Dow Jones Industrial Average fell 46.37 points, or 0.27 percent, to 17,373.38. The S&P 500 lost 5.99 points, or 0.29 percent, to 2,077.57. The Nasdaq Composite Index was down 12.90 points, or 0.26 percent, to 5,043.54.

U.S. jobs report came out mostly in line with market expectations. U.S. total nonfarm payroll employment increased by 215,000 in July, compared with an average monthly gain of 246,000 over the prior 12 months, the U.S. Labor Department reported Friday. The unemployment rate was unchanged at 5.3 percent.

In July, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to 24.99 U.S. dollars. Over the year, average hourly earnings have risen by 2.1 percent.

Some analysts thought the July employment report supported the case for a rate hike as early as September.

"A very solid employment report. Job growth was well distributed and upward wage pressure, albeit mild, is a good sign after recent paltry performance by other indicators," said Jay Morelock, an economist at FTN Financial, in a note.

"It is important not to confuse solid with robust, however. Holding steady at a 38-year low, the labor force participation rate cannot be dismissed as a structural reaction to aging baby boomers; it is a clear indication that labor market slack is still prevalent," he added.

The renewed concerns about falling oil prices also weighed on market sentiment. The energy sector tumbled 1.86 percent as the greatest decliner in the S&P 500 on Friday.

Overseas, China's stocks rebounded strongly on Friday as market confidence recovered, with the benchmark Shanghai Composite Index surging 2.26 percent.

For the week, all three major indices suffered big losses, with the Dow, the S&P 500 and the Nasdaq down 1.8 percent, 1.2 percent and 1.7 percent, respectively. Endite