Stocks slide after jobs report

Written by Alexandra Twin | CNN Money | 02 July 2010

Stocks slumped Friday, falling to new 2010 lows, as investors reacted to a weaker-than-expected June jobs report and showed some caution ahead of a long holiday weekend.

The Dow Jones industrial average (INDU) lost 90 points, or 0.9%, the Nasdaq (COMP) composite fell 17 points or 0.7% and the S&P 500 (SPX) index dipped 8 points, or 0.8%. On Thursday, the Dow and Nasdaq ended at 8-month lows and the S&P 500 at 9-month lows.

Stocks have tumbled in recent weeks, with the S&P 500 down more than 15% since the April highs on worries about the European debt crisis and U.S. economy. Stocks hit the lowest levels of the year Thursday following worse-than-expected economic readings on manufacturing and housing.

On Friday, the jobs report provided little relief, showing a rise in private sector hiring that was nonetheless smaller than expected, and a drop in the overall number of non-farm payrolls.

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