US STOCKS-Wall St turns modestly lower as recent gains booked
* U.S. payrolls surge, jobless rate hits 5-1/2 year low
* Astrazeneca rejects Pfizer's raised bid of $106 bln
* Indexes off: Dow 0.1 pct; S&P 0.1 pct; Nasdaq 0.2 pct (Updates to late morning session)
By Angela Moon
NEW YORK, May 2 (Reuters) - U.S. stocks gave up earlier gains on Friday, with major stock indexes turning modestly negative by late morning trading, as investors booked profits from advances earlier in the week.
Wall Street had earlier climbed following a payroll report that suggested a sharp rebound in economic activity early in the second quarter.
While the report provided an encouraging read on the labor market, many market participants said Wall Street's gains over the week made further advances unlikely.
"The market has gotten to fairly full level in terms of valuation, and at this point, we need strong earnings to drive the market higher. Economic news is not enough for some at this point," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.
So far in this earnings season, 75 percent, or 374 companies, in the S&P 500 have reported. Among those, 68.2 percent beat analysts' earnings expectations, 9.9 percent met expectations and 21.9 percent were below estimates, according to data complied by Thomson Reuters. Continuación...