U.S. stocks slide amid jobs report, Fed speakers

U.S. stocks wavered and closed lower on Friday, as investors mainly digested the newly-released jobs report that missed market expectations.

The Dow Jones Industrial Average shed 28.21 points, or 0.15 percent, to 18,240.29. The S&P 500 lost 7.04 points, or 0.33 percent, to 2,153.73. The Nasdaq Composite Index was down 14.45 points, or 0.27 percent, to 5,292.40.

U.S. total nonfarm payroll employment increased by 156,000 in September, lower than the market estimates of 176,000, and the unemployment rate rose slightly to 5 percent, according to the Labor Department Friday.

Traders kept a close eye on the key nonfarm jobs report for more clues on the central bank's next move.

"Job growth was strong enough to justify a rate hike, but the logic of rate hikes is to slow the economy enough to prevent job growth from exceeding labor force growth," said Chris Low, chief economist at FTN Financial, Friday.

Analysts said the employment report for September came at a crucial time, with the presidential election and Fed's next meeting just weeks away.

Meanwhile, Wall Street focused on Fed speakers for more indications on the timing of next interest rate hikes.

Cleveland Fed President Loretta Mester told CNBC Friday that the jobs report was "solid," adding it's time for the U.S. central bank to raise interest rates.

Some Fed officials said earlier this week that there was a strong case to raise interest rates, and the central bank should not delay rates hikes.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, rose 4.98 percent to end at 13.48 on Friday. Enditem