* Dec nonfarm payrolls 292,000 vs est 200,000
* Unemployment rate holds steady at 5 pct
* Oil prices near 11-1/2-year lows
* Chinese stocks close higher; yuan firmer
* Indexes up: Dow 0.30 pct, S&P 0.37 pct, Nasdaq 0.68 pct (Adds details, changes comment, updates prices)
By Tanya Agrawal
Jan 8 (Reuters) - Wall Street was higher as market tumult in China eased and data showed robust U.S. job growth, but indexes pared some of their early gains after oil prices lurched toward 11-1/2-year lows.
Oil erased earlier gains, pressured by persistent global oversupply and a bleak demand outlook. They have lost about 70 percent since mid-2014.
Exxon and Chevron fell about 1.5 percent weighing the most on the Dow and S&P.
Data on Friday showed nonfarm payrolls surged in December and unemployment rate held steady at 5 percent. October and November payrolls were revised sharply higher.
The upbeat report suggested that a recent manufacturing-led slowdown in economic growth would be temporary.
Investors have been jittery as markets got off to their worst four-day start to a year and economists slashed fourth-quarter U.S. growth estimates.
“The market’s reaction is something between curious and concerning,” said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago.
“You are not getting that much of a lasting reaction in markets. The week has witnessed some of the most concerning phenomenon in some time. People are skittish in holding positions.”
At 10:27 a.m. ET (1527 GMT) the Dow Jones industrial average was up 50.13 points, or 0.3 percent, at 16,564.23, the S&P 500 was up 7.22 points, or 0.37 percent, at 1,950.31 and the Nasdaq Composite index was up 32.10 points, or 0.68 percent, at 4,721.53.
Nine of the 10 major S&P 500 sectors were higher, with the technology index’s 0.69 percent rise leading the advancers.
Apple shares snapped their three-day losing streak and were up 1.9 percent, giving the biggest boost to the S&P and the Nasdaq.
The energy index, down 1.09 percent, was the lone decliner among the major S&P sectors.
Friday’s jobs report was the first since the Federal Reserve raised interest rates last month for the first time in nearly a decade, highlighting the strength of the U.S. domestic economy.
While various Fed officials have said four rate hikes in 2016 could be possible, economists and traders are pricing in two hikes, while reducing bets on a third hike by December.
The Fed meets next on Jan. 26-27.
China nudged the yuan higher for the first time in nine days, while traders welcomed the country’s decision to suspend a circuit breaker that halted trading twice this week.
The CSI300 index and the Shanghai Composite index both closed up 2 percent, capping off a week of tumult.
Shares of Qorvo, were down 5 percent at $43.35, a day after the Apple supplier cut its revenue estimate for the third quarter.
Gap was down 10 percent to $24.06 after the apparel retailer reported a larger-than-expected drop in December same-store sales.
Container Store slumped 39.4 percent to $4.35, a day after storage products retailer’s fourth-quarter profit forecast missed estimates.
Advancing issues outnumbered decliners on the NYSE by 1,472 to 1,340. On the Nasdaq, 1,437 issues rose and 1,113 fell.
The S&P 500 index showed 1 new 52-week high and 39 new lows, while the Nasdaq recorded 7 new highs and 145 new lows. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)