Stocks dive on weak hiring report

Stocks took a dive Friday after the government reported that hiring slowed sharply last month. The report confirmed investors' fears that the U.S. economic recovery is faltering.

The losses in the market were widespread. The Dow Jones industrial average lost 168.32 points, and the Nasdaq composite had its worst day since Nov. 9. Both the Nasdaq and the Standard & Poor's 500 index closed out their worst weeks of the year. The Dow had its second-worst.

The dollar and U.S. Treasury prices rose as investors dumped risky assets and moved money into lower-risk investments. Energy stocks were among the hardest hit after the price of oil fell sharply and settled down $4.05 to $98.49 per barrel -- below $100 for the first time since February.

"The jobs numbers were a disappointment," said Phil Orlando, chief equity strategist at Federated Investors. He noted that there were several factors distorting the month's figures, including unusually warm weather in the first three months of the year and an early Easter.

The Dow closed Friday at 13,038.27. The S&P 500 fell 22.47 points to 1,369.10, and the Nasdaq exchange declined by 67.96 points to 2,956.34. -- AP