US STOCKS-Wall St modestly higher in wake of payrolls report
* 151,000 jobs added in August vs est. 180,000
* Unemployment rate unchanged at 4.9 pct
* Broadcom falls; weighs the most on S&P, Nasdaq
* Indexes up: Dow 0.28 pct, S&P 0.3 pct, Nasdaq 0.25 pct (Updates to mid-afternoon, changes byline)
By Chuck Mikolajczak
NEW YORK, Sept 2 (Reuters) - Wall Street was modestly higher on Friday as investors weighed the likelihood of an interest rate hike following a weaker-than-expected payrolls report and hawkish comments from a U.S. Federal Reserve official.
U.S. nonfarm payrolls rose by 151,000 jobs in August after an upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labor Department said. Economists polled by Reuters had forecast payrolls rising by 180,000 last month.
Traders trimmed the probability of a Fed rate hike this month to 21 percent from the 24-percent chance on Thursday, according to CME Group's FedWatch program. However, the odds for a December rate increase moved up to 55.2 percent from the 53.6 percent the previous day.
"It does put a lot of pressure on the December meeting," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. Continuación...