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Weak Jobs Report Sends Stocks Lower

APTOPIX Financial Markets Wall Street
AP

Stocks fell and bond prices rose after the government reported a sharp slowdown in hiring last month. 

The Labor Department also reported Friday that the unemployment rate fell to its lowest level since 2007 as more people stopped looking for work. 

Banks fell more than the rest of the market as traders anticipated that interest rates would remain low for a while longer. 

Bank of America and Citigroup each fell about 3 percent. The dollar also fell against other currencies. 

The Dow Jones industrial average lost 31 points, or 0.2 percent, to 17,807. The Standard & Poor's 500 fell 6 points, or 0.3 percent, to 2,099. The Nasdaq composite dropped 28 points, or 0.6 percent, 4,942. 

Bond prices rose. The yield on the 10-year Treasury note fell to 1.70 percent.

Copyright AP - Associated Press
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