U.S .stocks had a horrible day on Friday.
May 7, 2012- Last week Wall Street suffered its worst week of the year with a large selloff on Friday. A slowdown in job growth in the top economy in the world raised big questions about the future growth in the country. Hiring was reduced by employers for the third consecutive month. Only 115,000 new jobs were added to the payrolls during April. That figure was far below the forecasted 170,000. Expectations had dropped during the course of the week, but the soft jobs number even missed the most pessimistic of forecasts.
The worst performers for the week were energy stocks. Many economists worry a worsening economy could cause the demand for energy to drop. Crude oil fell by nearly 4% on Friday ending the week below the $100 per barrel price for the first time since the early part of February. The S&P 500 dropped over 2.4% for the week and its retreat was disappointing to investors who thought it might reach new highs since the recovery started. It was its worst week since the beginning of December.
The volume during the selloff was the highest in over two weeks. Close to 7.02 billion shares were traded which was above the 6.76 billion daily average. Four stocks were down for every one that was up.
The oil sector saw Chevron lose 2%, while Exxon Mobil Corp slid 1.3%. The two were ranked among the biggest losers for the Dow, along with some other big name businesses in sensitive sectors.