Stocks Log Worst Week This Year

U.S. stocks ended its worst week this year with a sharp selloff on Friday after a government report showed that employers added fewer-than-expected jobs in April. The Dow Jones Industrial Average lost 168.32 points, or 1.27%, to 13,038.27 and sank 1.4% for the week. The S&P 500 lost 22.47 points, or 1.61%, to 1,369.10, led by tech and energy stocks. For the week, the index lost 2.4%. The Nasdaq Composite fell 67.96 points, or 2.25%, to 2,956.34. It lost 3.7% for the week.

The U.S. economy created just 115,000 jobs in April as hiring slacked off for a second straight month, according to the government’s latest employment igures. The unemployment rate edged lower to 8.1% from 8.2%, but it fell because more people stopped looking for work. Some 342,000 people dropped out of the labor force to mark the second decline in a row, the Labor Department said Friday.

A House panel led by longtime Federal Reserve critic Rep. Ron Paul will take direct aim at the central bank next week when it considers a bill to abolish the powerful institution.

The shareholder activist who is waging a proxy war against Yahoo Inc’s board called on the company to fire CEO Scott Thompson on Friday for misstating his academic credentials.

Crude-oil futures on Friday fell to their lowest level since early February. Crude for June delivery dropped $4.05, or 4%, to settle at $98.49 a barrel on the New York Mercantile Exchange.






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