US STOCKS-Strong jobs report gives Wall St 2nd straight losing week
* Indexes down for the week
* May payrolls increase by 280,000 vs est 225,000
* Wall St banks say September rate hike more likely
* Indexes: Dow down 0.3 pct, S&P down 0.1 pct, Nasdaq up 0.2 pct (Updates to close)
By Caroline Valetkevitch
June 5 (Reuters) - The Dow and S&P 500 eased on Friday as increasing expectations the Federal Reserve could raise rates as soon as September offset optimism over a recovery in the U.S. labor market.
Stronger-than-expected jobs data for May and a pickup in wages were the latest signs of better momentum in the economy.
Wall Street's top banks said they expect the Fed to begin raising interest rates in September, followed by another increase before the end of the year, according to a Reuters poll.
"The market is excited about stronger jobs and higher wages, but before (investors) can pop the cork of the champagne bottle, they start thinking about the hangover, which is higher interest rates," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago. Continuación...