Stocks wobble after jobs report

NEW YORK (CNNMoney.com) -- Blue chips dipped Friday morning, one day after the Dow hit a record trading high, while the broader market was mixed, as investors focused on the positives in the January jobs reading and the negatives in Amazon.com's earnings report.

The Dow Jones Industrial average (down 12.18 to 12,661.50, Charts) lost 0.2 percent one session after closing at a record high. The broader S&P 500 (down 1.32 to 1,444.62, Charts) index was little changed after ending the previous session at the highest point since September 2000.

The tech-heavy Nasdaq composite (down 1.32 to 2,467.06, Charts) was little changed.

Stocks rallied Thursday on a mix of lower oil prices and some relief about the economic outlook.

The January jobs report, released Friday, seemed to add to bets that the economy is heading for a soft landing, inflation is contained and the Federal Reserve can stay on hold.

Employers added 111,000 jobs to their payrolls in the month, short of economists' forecasts. However, November and December figures were upwardly revised.

Average hourly earnings, the report's inflation component, rose only 0.2 percent in January, versus forecasts for a rise of 0.3 percent. The December reading was revised down to 0.4 percent from an initially reported 0.5 percent.

The unemployment rate, generated by a separate survey, rose to a higher-than-expected 4.6 percent.

Treasury prices rose modestly, lowering the yield on the benchmark 10-year note to 4.82 percent from 4.83 percent late Thursday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar gained versus the euro and the yen.

Among stock movers, Amazon.com (down $1.60 to $37.10, Charts) slipped after the company reported lower fourth-quarter earnings that topped estimates and lifted its revenue forecast for the first quarter.

U.S. light crude oil for March delivery fell 5 cents to $57.45 a barrel in electronic trading.

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