U.S. stocks tick down after strong jobs data

U.S. stocks reversed early gains to close mildly lower Monday, as investors continued to digest the robust July jobs report.

The Dow Jones Industrial Average fell 14.24 points, or 0.08 percent, to 18,529.29. The S&P 500 inched down 1.98 points, or 0.09 percent, to 2,180.89. The Nasdaq Composite Index lost 7.98 points, or 0.15 percent, to 5,213.14.

In the absence of major economic data, Wall Street was still sifting through the country's upbeat nonfarm jobs data released by the U.S. Labor Department Friday.

The U.S. total nonfarm payroll employment rose by 255,000 in July, well above economists' estimates of 180,000, and the unemployment rate was unchanged at 4.9 percent.

Analysts thought that the market is continuing the rally on the positive employment data. If the U.S. labor market keeps improving, however, analysts said that may nudge the Federal Reserve toward a near-term interest-rate hike.

Meanwhile, oil prices were also in focus, which jumped over 2 percent Monday on a report of renewed calls by some members of Organization of the Petroleum Exporting Countries (OPEC) to restrain output.

Overseas, European equities ended higher Monday amid rising oil prices. German benchmark DAX index at Frankfurt Stock Exchange gained 0.63 percent, while British benchmark FTSE 100 Index added 0.23 percent.

In Asia, Chinese benchmark Shanghai Composite Index increased 0.93 percent to 3,004.28 points on Monday, aided by ongoing gains in property and coal. Endit