US STOCKS-Wall St indexes slump 1 pct after two-day run, jobs data
* Payrolls increase but wages fall
* Wholesale inventories top expectations
* Bed, Bath & Beyond stumbles after results, outlook
* Indexes off: Dow 1.18 pct, S&P 1.11 pct, Nasdaq 1.11 pct (Updates to late morning)
By Chuck Mikolajczak
NEW YORK, Jan 9 (Reuters) - U.S. stocks slumped on Friday, with each of the major indexes down more than 1 percent in the wake of a two-day rally as investors assessed a monthly payrolls report that gave mixed signals on the economy.
Nonfarm payrolls rose in December, topping Wall Street expectations while November's surprising gain was also revised higher. However, wages declined.
"Obviously this is a very positive report for the economy. But the one really puzzling thing is the lack of any wage growth and in fact, wage decline, in December," said David Kelly, chief global strategist for JPMorgan Funds in New York.
"We will see wage growth pick up early this year and that will keep the Fed on track to start raising rates in June. While they are on their track, they are still way behind where they should be, given the state of the economy." Continuación...