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* U.S. unemployment rate falls, but payrolls disappoint
* LinkedIn, AIG shares rise after results
* Dell committee and buyout group announce agreement, shares up
* Dow off 0.1 pct, S&P off 0.1 pct, Nasdaq up 0.1 pct
By Alison Griswold
NEW YORK, Aug 2 (Reuters) - Stocks on Wall Street were little changed on Friday after data showed the jobless rate fell in July but U.S. hiring slowed, mixed signals that could make the Federal Reserve more cautious about scaling back its massive economic stimulus.
The Dow and the S&P 500 pulled back from the record closing highs they hit on Thursday after the jobs report showed non-farm payrolls rose by 162,000 in July, below expectations, but the unemployment rate fell to 7.4 percent, its lowest since December 2008.
Coming off a series of better-than-expected data and optimism about strong growth in the second half of the year, the tepid jobs report was a reality check, analysts said.
"Stock investors are scared of both the tapering and a potentially slowing economy," said Brian Reynolds, chief market strategist at Rosenblatt Securities in New York. "They're not sure what they're scared of, but they know they're scared. And very few people want to buy stocks at an all-time high."
Five of the 10 S&P 500 industry sectors moved lower, led by losses of nearly 1 percent in the energy index.
Chevron, the second-largest U.S. oil company, was the biggest drag on the Dow and the S&P 500 after posting a steeper-than-expected 26 percent drop in quarterly profit. Shares of the company fell 2.3 percent to $123.55.
The Dow Jones industrial average was down 17.38 points, or 0.11 percent, at 15,610.64. The Standard & Poor's 500 Index was down 0.90 point, or 0.05 percent, at 1,705.97.
The Nasdaq Composite Index was up 3.18 points, or 0.09 percent, at 3,678.92. The tech-heavy index was boosted by gains of 5.9 percent in Viacomm, which reported an increase in its third-quarter revenue, and by a 0.7 percent uptick in Apple.
On Thursday, the S&P 500 posted its strongest day in three weeks and closed above the 1,700 level for the first time.
Time Warner Cable fell 1.8 percent to $115.56 after Bloomberg reported that Cox Communications Inc has held talks about merging with cable provider and rival Charter Communications Inc. Charter added 3.5 percent to $132.49.
Dell's special committee and a group led by founder and Chief Executive Michael Dell announced a deal that dramatically increases the chances of his $24.6 billion buyout going through. Dell shares gained 5.3 percent to $13.65.
LinkedIn shares jumped 11.1 percent to $236.35 and several brokerages raised their price targets on the stock after results on Thursday topped expectations.
AIG Inc also beat expectations on Thursday and announced its first capital return since its 2008 bailout through a dividend and share buy-back, sending its shares up 3 percent to $48.47.
Of the 391 companies in the S&P 500 that have reported earnings for the second quarter, 67.8 percent have topped analyst expectations, in line with the average beat over the past four quarters, data from Thomson Reuters showed. About 55 percent have reported revenue above estimates, more than in the past four quarters but below the historical average.
In other economic news, consumer spending increased in June and inflation pushed higher, while new orders for U.S. factory goods rose for the third straight month in June.