Stocks plunged Friday after the government said just 88,000 jobs were added to nonfarm payrolls in March and the unemployment ticked down to 7.6% from 7.7% in February.
The Dow Jones industrial average, the Standard & Poor’s 500 index and the Nasdaq 100 composite index were trading sharply lower after the Labor Department’s monthly employment report was released at 8:30 a.m. ET. The number of jobs created in March was less than half the consensus estimate on Wall Street.
The jobs report is expected to add to fears the economy and job growth are in danger of stalling this spring for the fourth straight year. The fears are rising as stocks are trading near all-time highs and could be the catalyst to spark a price correction.