US STOCKS-Wall Street jumps as investors laud jobs growth
* Nonfarm payrolls up 223,000; jobless rate near 7-yr low
* S&P 500, Dow on track for best day since March
* Microsoft jumps on news it's not pursuing Salesforce
* Indexes up: Dow 1.4 pct, S&P 1.2 pct, Nasdaq 1.1 pct (Updates to mid-afternoon, adds detail on valuations)
By Noel Randewich
May 8 (Reuters) - U.S. stock indexes jumped more than 1 percent on Friday as strong jobs data indicated the U.S. economic growth was picking up momentum, but not enough to raise concerns about an earlier-than-expected interest-rate rise by the Federal Reserve.
U.S. job growth rebounded last month and the unemployment rate dropped to a near seven-year low, suggesting underlying strength in the economy at the start of the second quarter after growth hit a soft patch in the first.
"Right now, the market's been pricing for December and the Fed's been pushing more of a narrative that we think suggests September, so we're more likely to see the Fed converge here to the market than the other way around," said Aaron Kohli, interest rate strategist at BNP Paribas in New York.
Nonfarm payrolls in April increased by 223,000, just below expectations, while the unemployment rate dropped despite more people entering the job market. Continuación...