* Nonfarm payrolls increase by 313,000 in February
* Average hourly earnings rise 0.1 percent
* Indexes higher: Dow 1.06 pct, S&P 1.02 pct, Nasdaq 1.07pct
By Ankur Banerjee and Parikshit Mishra
March 9 (Reuters) -
Helping sentiment on Friday, a day when the bull market forstocks turned nine, were signs of a potential breakthrough innuclear tensions in the Korean peninsula and President DonaldTrump's softened stance on tariffs.
"You got sort of a Goldilocks report with strongeremployment, coupled with modest wage growth, but not enough thatforces the Fed to act more rapidly than they otherwise would,"said Scott Clemons, chief investment strategist at BrownBrothers Harriman in
Strong jobs data last month fueled speculation that higherwages could lead to faster interest rate increases by theFederal Reserve, rattling global equities market.
However, the slow wage growth in February could temperexpectations that the Fed will change its rate forecast to fourhikes this year from three.
At 11:02 a.m. ET, Dow Jones industrial average was up264.51 points, or 1.06 percent, the S&P 500 was up 27.89points, or 1.02 percent.
The Nasdaq Composite was up 79.29 points, or 1.07percent. The index touched a record of 7,514.34.
The stock markets' bull run appears poised to set the recordas the longest in history, buoyed by global economic growth andstronger company earnings.
Nonfarm payrolls jumped by 313,000 jobs last month, theLabor Department said, its biggest increase in more than 1-1/2years.
Average hourly earnings edged up 0.1 percent, a slowdownfrom the 0.3 percent rise in January. That lowered theyear-on-year increase in average hourly earnings to 2.6 percentfrom 2.8 percent in January.
Worries that the hefty tariffs on steel and aluminum couldignite a global trade war had roiled markets since lastThursday, with the exit of chief economic adviser Gary Cohnintensifying the concerns.
Among bigger movers, discount retailer Big Lots slid9 percent after posting a surprise drop in same-store sales andforecasting a weak profit for the current quarter and the fullyear.
Shares of toymakers Hasbro and Mattel werelower after sources told Reuters that retailer Toys 'R' Us ispreparing for a potential liquidation.
Tesla fell 1.2 percent, following the exit of itschief accounting officer and a Morgan Stanley note on risingcompetition.
Advancing issues outnumbered decliners on the NYSE by 1,923to 850. On the Nasdaq, 1,904 issues rose and 864 fell.(Reporting by Ankur Banerjee and Parikshit Mishra in Bengaluru;Editing by Sriraj Kalluvila)