US STOCKS-Wall St rises as weak payrolls ease Fed worries
* Payrolls data weaker than expected
* Utilities shares lead S&P gains
* Gap shares fall on weak August same-store sales
* Dow up 0.29 pct, S&P up 0.34 pct, Nasdaq up 0.25 pct (Updates to afternoon, changes quote)
By Akane Otani
NEW YORK, Sept 5 (Reuters) - U.S. stocks rose on Friday afternoon, rebounding from losses earlier in the session, as investors took a weak payrolls report to mean there was little risk the Federal Reserve would speed up its plans to raise interest rates.
Stocks had fluctuated in morning trading after the government reported far fewer U.S. jobs were created in August than had been expected.
By early afternoon, however, major indexes swung largely to the upside, led by utility stocks, as some investors saw the payrolls weakness as reason to believe the Fed would hold off on hiking interest rates.
"One of the factors that has been favorable for financial and risk assets is that we continue to operate in an extremely low interest rate environment," said Ronald Sanchez, executive vice president and chief investment officer of Fiduciary Trust in New York. Continuación...