U.S. stocks suffered their worst day of the year Friday, sinking more than 2 percent after a weak jobs report. The Dow erased all of its gain for the year, while the S&P 500 and Nasdaq moved into correction territory, down over 10 percent from the year's highs. All 30 Dow components ended in the red, and 97 percent of the S&P closed lower. In U.S. news, the Labor Department reported that only 69,000 jobs were added to payrolls in May, which was less than half the 150,000 jobs forecast by economists surveyed by CNNMoney. The unemployment rate moved up to 8.2 percent from 8.1 percent in April. Americans' personal incomes and personal spending for April increased 0.2 percent. The May installment of the ISM Manufacturing Index showed that U.S. manufacturing growth slowed in May. The index fell to 54.5, down from 54.8 last month. April construction spending rose by 0.3 percent, which was below forecasts for a 0.5 percent rise. In international news, a report showed that eurozone unemployment was at a record high of 11 percent. Concerns about slowing growth in emerging markets have also made investors uneasy. Two reports released Friday showed that China's manufacturing sector contracted more than expected in May, while exports to Europe have taken a hit this year as the region heads toward recession. The dollar rose against the euro and the pound, but fell versus the yen. Light sweet crude oil for July delivery slid $3.30 to $83.23 a barrel on the New York Mercantile Exchange. Gold futures rose $57.90 to $1,622.10 an ounce. The Dow Jones industrial average sank 274.88, or 2.22 percent, to 12,118.57. The broader Standard & Poor's 500 index fell 32.29, or 2.46 percent, to 1,278.04. The technology-heavy Nasdaq composite index dropped 79.86, or 2.82 percent, to 2,747.48.
