Stocks drop after job growth disappoints

Indexes fall sharply on Wall Street after US job growth slows, disappointing investors

Associated Press
Stocks drop sharply after job growth disappoints
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In this Thursday, April 4, 2013, photo, Trader Anthony Riccio, left, and specialist Peter Giacchi work on the floor of the New York Stock Exchange. Japan's benchmark stock index surged to its highest level in more than four years Friday April 5, 2013, its second straight day of big gains after the central bank announced aggressive action to lift the economy out of a prolonged slump. European stocks fell in early trading. (AP Photo/Richard Drew)

NEW YORK (AP) -- An unexpectedly weak report on the job market is sending stocks sharply lower on Wall Street.

The Dow Jones industrial average was down 105 points at 14,500 at midday Friday, a drop of 0.7 percent. The Dow had been down as much as 171 points earlier.

The Standard & Poor's 500 index fell 13 points, or 0.8 percent, to 1,547. Technology fell the most of the 10 industry groups in the index.

The Nasdaq was down a percent, or 34 points, at 3,190.

The government reported that U.S. employers added the fewest jobs in nine months in March and more people gave up looking for work. The report was worse than economists were expecting.

The yield on the 10-year Treasury note fell to its lowest level this year, 1.69 percent.

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