US STOCKS-Wall St lower after payrolls; Apple to join Dow
* Feb payrolls top expectations
* Apple to replace AT&T in Dow Industrials
* Financials climb after Fed stress tests
* Indexes off: Dow 0.5 pct, S&P 0.35 pct, Nasdaq 0.16 pct (Updates to market open)
By Chuck Mikolajczak
NEW YORK, March 6 (Reuters) - U.S. stocks fell on Friday, with the S&P 500 on track for a second week of declines, as a strong monthly jobs report heightened expectations the U.S. Federal Reserve could raise interest rates sooner than anticipated.
Nonfarm payrolls rose 295,000 last month, topping estimates for a gain of 240,000 jobs, after a downwardly revised 239,000 gain in January. The unemployment rate ticked down to 5.5 percent from 5.7 percent in January.
"People are trying to figure out whether the Fed is going to increase rates, probably now on a June time frame versus the September that was kind of the default the market had been looking at before. So this much stronger-than-expected number could push that date up," said Tracie McMillion, head of asset allocation at Wells Fargo Investment Institute in Winston-Salem, North Carolina.
The data boded well for economic growth, she said. Continuación...