* February non-farm payrolls exceed consensus view
* ISDA declares Greek credit event, CDS payments triggered
* Banks, materials, consumer shares lead advance
* Dow up 0.1 pct, S&P up 0.4 pct, Nasdaq up 0.5 pct
By Angela Moon
NEW YORK, March 9 (Reuters) - U.S. stocks were on
track to end the week higher on Friday after a strong monthly
jobs report, but gains were trimmed in late afternoon trade on
news of a credit event in Greece.
The International Swaps and Derivatives Association said
that Greece has triggered the payment on default insurance
contracts by using legislation that offers losses on all private
The news comes after Greece completed the negotiation of the
biggest sovereign debt restructuring in history, an issue that
has kept investors skittish.
The S&P 500 faced strong technical resistance as it
approached its highest level in nearly four years.
"The jobs numbers have helped the market keep the forward
momentum going. It is definitely a confidence builder," said Jim
Russell, chief equity strategist at U.S. Bank Wealth Management
"But at this point, the market is tired, and we expect to
see some digestion and consolidation before a solid trend
Bank shares, among the most sensitive to growth expectations
and the euro-zone crisis, led the gains. The KBW bank index
rose 1 percent. Citigroup added 0.6 percent to
$34.20. JPMorgan Chase gained 1.6 percent to $41.07.
The Dow Jones industrial average was up 15.37 points,
or 0.12 percent, at 12,923.31. The Standard & Poor's 500 Index
was up 4.87 points, or 0.36 percent, at 1,370.78. The
Nasdaq Composite Index was up 14.85 points, or 0.50
percent, at 2,985.27.
Exactly three years ago, the S&P 500 posted a 12-year
closing low at 676.53 during the height of the financial crisis.
The index has more than doubled since then, although it stalled
last year before resuming a rally in 2012.
U.S. employers added 227,000 jobs to their payrolls in
February, government data showed, while the unemployment rate
held at a three-year low of 8.3 percent even as people flooded
back into the labor force to hunt for jobs.
Shares of Monster Worldwide Inc, an online
employment agency whose stock is sensitive to changes in the
employment outlook, shot up 5 percent to $9.04.
More than 80 percent of the issues in the S&P consumer
discretionary sector index rose, underscoring investors'
bets that the jobs recovery will boost consumer spending, a
pillar of the U.S. economy. The sector's index rose 0.5 percent.
Strength in homebuilders' shares, seen earlier in the week,
continued, with the Dow Jones U.S. home construction index
up 3.2 percent. Credit Suisse raised its
recommendation on three big U.S. home builders - DR Horton
, Lennar and Toll Brothers - to
"outperform" from "neutral."
In the beverage sector, though, Green Mountain Coffee
Roasters Inc sank 15.8 percent to $52.57 on fears it
may lose its near monopoly in the U.S. single-cup coffee market
after Starbucks Corp outlined plans to launch a rival
coffee machine. Starbucks rose 2.5 percent to $51.62.