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U.S. stocks trade mixed after jobs report

Xinhua, December 3, 2016 Adjust font size:

U.S. stocks traded mixed on Friday, as investors digested a stronger-than-expected jobs report.

At midday, the Dow Jones Industrial Average shed 11.37 points, or 0.06 percent, to 19,180.56. The S&P 500 rose 3.77 points, or 0.17 percent, to 2,194.85. The Nasdaq Composite Index was up 9.01 points, or 0.17 percent, to 5,260.12.

U.S. total nonfarm payroll employment increased by 178,000 in November, and the unemployment rate declined to 4.6 percent, the lowest level in nine years, announced the Labor Department Friday.

Analysts said the better-than-expected jobs data might strengthen the case for an interest rate hike later this month.

As long as the unemployment rate was stable at or near 5 percent, Federal Open Market Committee (FOMC) participants were content to say the economy was at or near full employment, said Chris Low, chief economist at FTN Financial.

"Now, with the rate at 4.6 percent, the hawks are likely to begin to warn against economic overheating," he added.

U.S. Federal Reserve will hold its next policy meeting, also the final of the year, on Dec. 13-14.

Investors widely expected the Fed would move the rates at the December meeting. According to the CME Group's FedWatch tool, market expectations for a December rate hike were 94.9 percent. Enditem