Payroll, Jobs Higher Than Expected And Wall Street Nose Dives

• Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday.
• The payrolls number was well above the 200,000 estimate, while the unemployment rate was in line.
• Average hourly earnings jumped 0.6% for the month, double the estimate, and 5.1% annually vs. the 4.6% expectation.