By Pete Schroeder WASHINGTON (Reuters) – U.S. stocks tumbled on Friday after a stronger than expected jobs report lowered odds the Federal Reserve will ease its rate-hiking spree, while oil prices hit a 5-week high in response to deep supply cuts. The Dow Jones Industrial Average was down more than 500 points in midday trading, or 1.9%, with the S&P 500 down 2.55% and the Nasdaq Composite off 3.52% as investors bet the Fed’s inflation fight will continue apace. The MSCI world equity index, which tracks shares in 45 nations, was down 2.23%. The U.S. Labor Department reported that nonfarm payrol…