What a Week: Stocks Scalded by Oil as Jobs Growth Flops

Coal producers like Massey Energy (MEE Quote) and Arch Coal (ACI Quote) and steel producers like NuCor (NUE Quote) and Allegheny Technologies (ATI Quote) were among the five-worst performing sectors as measured by Dow Jones, each falling 9% on the week.

Those losses were topped only by Internet service and Internet commerce -- where big losers included IAC/InterActive (IACI Quote) and Overstock.com (OSTK Quote) -- and technology service companies, which each lost about 10%.

Of course, tech and Internet stocks have been falling for weeks. Coal, steel and other basic materials companies had been among top performers for the year. In fact, the steel index was still up 19% for the year and coal up 15% even after this week's declines.

The short list of gaining sectors for the week included home-construction and real estate firms, such as Toll Brothers (TOL Quote) and CBL & Associates (CBL Quote), which could benefit from lower-than-expected interest rates.

Also gaining were consumer staples such as Procter & Gamble (PG Quote) and Clorox (CLX Quote), as well as electric utilities such as Exelon (EXC Quote) and Duke Energy (DUK Quote), whose steady dividends look more attractive.

Also sucking wind was my curtain raiser for the jobs report published Thursday night. Although I wasn't calling which way the report would come in, I expected a more muted reaction if fewer-than-expected jobs were created. After all, the S&P 500 had its worst day of the year Thursday and the Nasdaq was near its low for the year. And Thursday's drop was due to the forward-looking effect that higher oil prices might have on the market while the jobs report looks in the rearview mirror to July.

In retrospect, I underestimated just how skittish investors are about economic prospects and perhaps overestimated the buying interest on dips in the postbubble market.

Like I said: Tough week all around.