US STOCKS-Wall St dips after payrolls, but uptrend seen intact

* Dow, S&P 500 drop off record closing highs

* Fewer jobs added in October than expected

* Disney falls after results, Salix plummets

* Indexes down: Dow 0.2 pct, S&P 0.1 pct, Nasdaq 0.2 pct (Updates to market open)

By Ryan Vlastelica

NEW YORK, Nov 7 (Reuters) - U.S. stocks receded from record levels on Friday as investors locked in profits after the October payroll report came in weaker than expected, even as the report pointed to economic resilience in the face of slowing global demand.

Employers added 214,000 new jobs last month, below the 231,000 that was expected, while the September report was revised higher. The unemployment rate fell to 5.8 percent from 5.9 percent.

"It's hard to not bet on the economy, with the fundamentals looking like a full house: earnings are rock solid, we're growing at a nice pace and confidence is up," said David Kelly, chief global strategist for JPMorgan Funds in New York.

"The number was slightly weaker than expected, but until we see real weakness or higher interest rates, we'll continue to be overweight on equities."

The Dow was pressured by Walt Disney Co, which fell 3.4 percent to $88.82 a day after posting earnings that met expectations, though its cable networks were weaker. The stock closed at a record on Thursday.

Salix Pharmaceuticals Ltd (NasdaqGS: SLXP - news) plummeted 35 percent to $89.21 in its biggest one-day drop a day after it slashed its full-year forecast as its inventory for key drugs piled up. The issue dissuaded Allergan Inc (NYSE: AGN - news) from acquiring the drugmaker, people familiar with the matter said. More than 5.5 million shares exchanged hands in early trading, more than twice Salix's 50-day average of almost 2 million.

Energy shares were sharply higher on the day, rising 0.8 percent alongside a 1.3 percent jump in crude oil prices. The industry was the top-performing S&P 500 sector by far. Among the most active names, Chesapeake Energy (Other OTC: CHKDP - news) rose 2.6 percent to $23.34 while Newfield Exploration (NYSE: NFX - news) was up 2.4 percent at $33.28.

At 9:49 a.m. (1449 GMT) the Dow Jones industrial average fell 34.92 points, or 0.2 percent, to 17,519.55, the S&P 500 lost 2.4 points, or 0.12 percent, to 2,028.81 and the Nasdaq Composite dropped 10.38 points, or 0.22 percent, to 4,628.09.

For the week, the Dow is up 0.7 percent and the S&P is up 0.5 percent in their third straight week of gains. The Nasdaq is down 0.1 percent for the week.

While political tensions abroad have largely faded from markets, a cautious note was added to the market after the Kiev military said a column of tanks had crossed into eastern Ukraine from Russia.

Declining issues outnumbered advancing ones on the NYSE by 1,537 to 1,189, for a 1.29-to-1 ratio on the downside; on the Nasdaq, 1,465 issues fell and 821 advanced for a 1.78-to-1 ratio favoring decliners.

The S&P 500 index posted 28 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 43 new highs and 24 new lows.

(Editing by Bernadette Baum)