US STOCKS-Wall St advances as U.S. payrolls report falls short
* 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 0.39 pct, S&P 0.42 pct, Nasdaq 0.43 pct (Updates to close)
By Chuck Mikolajczak
NEW YORK, Sept 2 (Reuters) - U.S. stocks advanced on Friday as a weaker-than-expected payrolls report tamped down expectations for a September rate hike from the U.S. Federal Reserve, although hawkish comments from another Fed official kept expectations for one this year intact.
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 edged up to 54.2 percent from 53.6 percent the previous day.
"People are taking a little bit of a relief that it wasn't a 200,000-plus print, certainly in the equity market," said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute in Omaha. Continuación...