NEW YORK Stocks fell Friday after the government reported that hiring slowed in April.
The Labor Department reported Friday that U.S. employers added just 115,000 jobs in last month, although the unemployment rate fell to 8.1, a three-year-low, because more people gave up looking for work.
The price of oil also fell below $ 100 per barrel on worries that demand would drop because of a weakening world economy. It was the first time oil has dropped below $ 100 since Feb. 13. Benchmark crude hit $ 99.99 in morning trading.
Energy company stocks turned lower in response. Southwester Energy fell 3.5 and Marathon Oil fell 2.
Traders were responding not only to the U.S. jobs figures but also nervousness over the outcome of elections this weekend in France and Greece. The results are likely to have a significant impact on how Europe's debt crisis is handled.
Scared investors are turning to safer investments like U.S. government bonds. The yield on the benchmark 10-year Treasury note fell to 1.89 from 1.92 late Thursday as demand, and prices, rose. Bond yields move opposite to their prices.
In other trading:
American International Group fell 5.5, the most in the S&P 500 index. The insurance company, which nearly collapsed during the financial crisis, reported late Thursday that its quarterly earnings doubled due largely to an appreciation in the value of its investments.
LinkedIn rose 8 after announcing late Thursday that its first-quarter profit more than doubled, topping expectations. The social networking company also announced an acquisition.
Kraft rose a little under 1 after the food company reported a modest increase in profit, boosted by the growing popularity of its cookies and chocolates in the developing world.
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