Stocks Opened Lower after Jobs Data

U.S. stocks opened slightly lower on Friday as investors grappled with a mixed jobs report. The Dow Jones Industrial Average lately fell 66.30 points, or 0.40%, to 16,350.28. The S&P 500 dropped 12.04 points, or 0.63%, to 1,903.41. The Nasdaq Composite was down 53.18 points, or 1.18%, to 4,456.38.

U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but surging wages and an unemployment rate at an eight-year low suggested the labor market recovery remains firm. Nonfarm payrolls increased by 151,000 jobs last month and the unemployment rate slipped to 4.9 percent, the lowest since February 2008, the Labor Department said on Friday.

The U.S. trade deficit rose in December as American exports fell for a third straight month, reflecting the pressures of a stronger dollar and spreading global weakness. The December deficit increased 2.7 percent to $43.4 billion, the Commerce Department reported Friday.

J.C. Penney is looking to potentially sell and partially leaseback its headquarters to help lower debt and create long-term savings. The department store operator said Friday that it has a surplus of square footage available in the Plano, Texas office building, with favorable market conditions making it a good time for such a real estate transaction.

Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week. International benchmark Brent crude futures were 2 cents higher at $34.48 per barrel at 6.35 a.m. ET, trading in a range of around $34- $35 a barrel so far this session.