Wall Street falls 1 percent as jobs data raises rate worries

NEW YORK (Reuters) - U.S. stocks dropped more than 1 percent on Friday after a strong monthly jobs report as investors bet that the Federal Reserve could raise interest rates sooner than previously expected.

Based on the latest available data, the Dow Jones industrial average <.DJI> fell 278.87 points, or 1.54 percent, to 17,856.85, the S&P 500 <.SPX> lost 29.78 points, or 1.42 percent, to 2,071.26 and the Nasdaq Composite <.IXIC> dropped 55.44 points, or 1.11 percent, to 4,927.37.

(Reporting by Caroline Valetkevitch; Editing by James Dalgleish)