US STOCKS-Wall Street up on Fed-affirming jobs data; Netflix hit

Reuters

* Data show U.S. jobs growth lost momentum last month

* Fed seen unlikely to taper stimulative policy this year

* Apple iPad unveil boosts falling shares

* Indexes up: Dow 0.3 pct, S&P 0.4 pct, Nasdaq 0.05 pct

By Julia Edwards

NEW YORK, Oct 22 (Reuters) - U.S. stocks climbed on Tuesday,pushing the S&P 500 to a new intraday record, afterweaker-than-expected job creation last month validatedexpectations the Federal Reserve will maintain its economicstimulus into next year.

The Nasdaq pared gains after some of the year's biggestwinners, including Netflix Inc, reversed course to movelower.

"The most volatile sector, in terms of risk and return, isgoing to be the technology sector," said Jon Smith, chiefinvestment officer at DT Investment Partners. "You can nevernecessarily tell exactly what is going to happen in the techstory in general."

U.S. employers added 148,000 workers last month, well belowthe 180,000 economists had expected. The data is seen assupporting the Fed's decision to maintain its $85 billion inmonthly bond purchases, which has helped stocks rally in 2013.

Many economists think the Fed will hold off on scaling backits easy money policy, which has kept borrowing costs low, untilnext year.

"The jobs report gave us a Goldilocks number. It was kind ofwarm, but wasn't too hot or too cold either. It was right there,in line to push back tapering to next year," said Ryan Detrick,senior technical strategist at Schaeffer's Investment Research.

Netflix shares fell 6.4 percent to $332.90, reversing therise that followed the release of the company's earnings reporton Monday. Volume in the stock spiked as it fell into negativeterritory on the day. With more than 17 million shares traded,volume was nearly six times the average over the last 50 days.

Apple lost 0.4 percent to $519.23, though lossesebbed after the company unveiled a new line of iPads at 1 p.m.EST (1700 GMT).

The Dow Jones industrial average was up 49.96 points,or 0.32 percent, at 15,442.16. The Standard & Poor's 500 Index was up 7.34 points, or 0.42 percent, at 1,752.00. TheNasdaq Composite Index was up 2.02 points, or 0.05percent, at 3,922.07.

The S&P earlier hit a record intraday high at 1,759.33.

Payroll figures for August were revised higher and theSeptember unemployment rate ticked down to 7.2 percent from 7.3percent.

Transocean shares rose 5.6 percent to $49.18 afterS&P Dow Jones Indices announced the drilling services companywill replace Dell on the S&P 500 index after the closeof trading next Monday.

Shares of cloud software maker VMware Inc rose 5percent to $86.79 a day after it reported a higher-than-expectedquarterly profit.

High-end handbag maker Coach fell 7.4 percent to$50.17 after it posted smaller-than-expected quarterly revenue.

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