US STOCKS-Wall St opens lower as investors assess jobs data
* Nonfarm payrolls up by 173,000 vs 220,000 expected
* Unemployment rate falls to 5.1 percent from 5.3 percent
* Caterpillar falls after broker downgrade
* Indexes down: Dow 1.21 pct, S&P 1.07 pct, Nasdaq 0.82 pct (Updates to open)
By Tanya Agrawal
Sept 4 (Reuters) - Wall Street opened lower on Friday as investors assessed August jobs data, which showed that fewer-than-expected jobs were added to the economy even as unemployment rate dropped to its lowest in more than seven years.
Non farm payrolls increased 173,000 last month after an upwardly revised 245,000 rise in July and below the 220,000 that economists polled by Reuters had expected. Unemployment rate dropped to 5.1 percent and wages accelerated.
The report underscored the U.S. economy's steady recovery in the face of volatile global financial markets and China's slowing growth, and kept alive the prospect of the U.S. Federal Reserve raising rates at its Sept. 16-17 meeting.
At 9:41 a.m. ET (1341 GMT) the Dow Jones industrial average was down 197.62 points, or 1.21 percent, at 16,177.14, the S&P 500 was down 20.95 points, or 1.07 percent, at 1,930.18 and the Nasdaq Composite was down 38.70 points, or 0.82 percent, at 4,694.80. Continuación...