Employers add 243,000 jobs in February; Dow jumps 104 points

February job growth exceeds expectations

The 243,000 jobs created in February — spread throughout the service and industrial sectors — surpassed the 170,000 jobs created the previous month, according to the Labor Department. Average wages rose just 0.3 percent, and the unemployment rate rose to 4.8 percent from 4.7 percent in January.

The job increase points to continued economic growth, while the modest wage gains and slightly higher unemployment rate mollified fears of more workers creating higher demand for goods and possibly sparking inflation.

Lower inflation could mean fewer interest rate hikes from the Federal Reserve.

While keeping inflation in check, higher rates could stall economic growth.

Google Inc. dropped $5.50, or 1.6 percent, to $337.50 after the Seattle.

Nortel Networks Corp. fell 7 cents to $3.02 after the company reported a $2.21 billion loss for the fourth quarter.