Updated from 4:14 p.m. EST

Wall Street took a dive Friday as an unexpectedly strong jobs report appeared to diminish the chance of an interest rate cut anytime in the near future.

The Dow Jones Industrial Average fell 82.68 points, or 0.66%, to 12,398.01, and the S&P 500 was off 8.63 points, or 0.61%, at 1409.71. The Nasdaq Composite surrendered 19.18 points, or 0.78%, to 2434.25.

Buyers weren't enticed by the Labor Department's latest report on the U.S. economy, which showed an addition of 167,000 jobs in December, above expectations for a gain more on the order of 100,000 to 115,000.

Once again, the prior data were revised higher to reveal that growth was more brisk than first thought. An additional 29,000 jobs were formed through the updated October and November numbers.

The unemployment rate remained constant at 4.5%, while average hourly earnings, a key inflation metric, rose a greater-than-expected 0.5%.

The Federal Reserve will use the information to help determine the future direction of interest rates. The central bank meets at the end of the month, but no change in the target fed funds rate is anticipated.

On Wednesday, minutes from the Fed's meeting last month indicated that members of the FOMC judged core inflation as uncomfortably high. Many traders have been counting on lower rates at some point this year, but the jobs data suggest the Fed won't be in any rush to adopt a dovish stance.

If you liked this article you might like

Paradigm Opportunity Protects Investors in Tough Times

5 Things You Need to Know Before the Stock Market Opens (Correct)

U.S. Investors Brace for a Third Bailout in Greece

5 Things You Need to Know Before the Stock Market Opens

40 Hedge Funds' Best Stocks Show the Way for 2012 (Update 1)