US STOCKS-Wall St slips as investors eye rate hike after jobs report
* Oct nonfarm payrolls up more than expected
* Financial stocks rise, utilities slump
* Alibaba drops as Chanos says stock a possible short
* Indexes down: Dow 0.12 pct, S&P 0.42 pct, Nasdaq 0.03 pct (Updates to late afternoon)
By Lewis Krauskopf
Nov 6 (Reuters) - U.S. stocks slipped on Friday, with a slide in utilities and other sectors outweighing a rise in financials, as a strong jobs report gave Wall Street a clear sign the Federal Reserve could soon raise interest rates.
U.S. non-farm payrolls growth in October was the best since December 2014, while the unemployment rate fell to 5 percent, the lowest since April 2008. Since the Fed last week opened the door to a rate increase in December, investors have been looking to economic data for clues to whether the central bank will take action.
The S&P financial sector rose 1 percent, leading all sectors. Banks tend to benefit from higher borrowing rates, and shares of JPMorgan, Bank of America and Citigroup were each up about 3 percent or more.
The rate-sensitive utilities sector dropped 3.6 percent, the worst performing group, while the energy and consumer staples sectors were each off more than 1 percent. Continuación...