Stocks post fifth straight week of losses

By Danie Wagner and Matthew Craft/The Associated Press

A weak employment report sent stocks sharply lower, closing out the fifth straight week of losses for the Dow Jones industrial average and the S&P 500 index.

Employers added only 54,000 new workers in May, the fewest in eight months and well below what analysts had expected, the Labor Department reported Friday. Private companies hired the fewest new workers in nearly a year, and the unemployment rate inched up to 9.1 percent from 9 percent.

The Dow fell 97 points, or 0.8 percent, to close at 12,151. The S&P 500 fell 13, or 1 percent, to 1,300. The Nasdaq composite fell 41, or 1.5 percent, to 2,733.

More than two stocks fell for every one that rose on the New York Stock Exchange. Trading volume was 3.6 billion shares.