|PALLAVI GOGOI, AP Business Writer|
The losses in the market were widespread. The Dow Jones industrial average lost 168 points and the Nasdaq composite had its worst day since
The dollar and U.S. Treasury prices rose as investors dumped risky assets and moved money into lower-risk investments. Energy stocks were among the hardest hit after the price of oil fell sharply and settled below
"The jobs numbers were a disappointment," said
It was the third straight daily loss for the Dow, but it seemed too early to declare that the stock market's overall trend was turning downward. The Dow is still up 6.7 percent this year, the
That said, investors are on edge about
Crude oil plunged
The late slump in the week was a stark contrast to Monday, when the Dow closed at its highest level more than four years, propelled by a report that showed a pickup in manufacturing. All that become a distant memory after a slew of poor economic reports were released in the rest of the week.
On Thursday major retailers including
The Dow closed down 168.32 points, or 1.3 percent, at 13,038. All 30 companies that make up the index fell, led by
For the week, the Dow fell 190 points, S&P fell 34, while Nasdaq declined 113 points.
The yield on the benchmark 10-year Treasury note dropped sharply to 1.88 percent from 1.92 percent late Thursday as demand increased for safe investments. The yield hasn't settled that low since early February.
The culprit for the distress in financial markets was a report from the
Job creation is the fuel for the nation's economic growth. When more people have jobs, they have more money to spend.
Orlando noted that the first few months of the year were marked by a number of abnormal conditions including an uncharacteristically warm January and February. That led to a spurt in hiring which usually occurs in spring.
Retail sales and hiring were also affected by an earlier Easter, which fell on
"The surge in hiring and spending that usually occurs in March through April, occurred earlier in the year this year," said Orlando. "We have to wait for economic numbers from May and June to get a better idea of the underlying strength of this economy."
After the price of oil fell, energy company stocks turned lower in response.
In other trading:
— Tilly's Inc. climbed 8 percent in the clothing retailer's debut on the
|Copyright:||Copyright 2012 The Associated Press. All rights reserved.|