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Stocks Retreat After Disappointing Jobs Report

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stock market falls Stocks Retreat After Disappointing Jobs ReportStocks and interest rates tumbed Friday after a disappointing employment report renewed concerns about a slowdown in economic growth.

The Labor Department says 131,000 jobs were cut last month, though that was primarily tied to layoffs of temporary census workers. Private employers added just 71,000 jobs, well short of the 90,000 expected by economists.

Persistently high unemployment is the most significant drag on the U.S. economy, and has been a key focus for investors.

The Dow Jones industrial average is down 120.18, or 1.1 percent, to 10,554.80. The Standard & Poor’s 500 index is down 14.29, or 1.3 percent, at 1,111.52, while the Nasdaq composite index is down 27.90, or 1.2 percent, at 2,265.16.

Related: Jobless Rate In July Unchanged At 9.5%

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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