NEW YORK ( TheStreet) -- It's going to take more than a weekend for Wall Street to shake off the impact of May's poor jobs report.
The major U.S. equity indices were demolished on Friday after the Bureau of Labor Statistics said nonfarm payrolls rose by 69,000, less than half of expectations.
Coming against the backdrop of Europe's financial woes, stocks sold off indiscriminately with the Dow Jones Industrial Average going negative for the year, and the S&P 500 breaking below 1280 for the first time since mid-January. As of Friday's close at 1278, the index is now 10.1% below its intraday 2012 high of 1422 on April 2, dipping a toe into correction territory.
Fear ruled the day as the yield on the 10-year Treasury bond slipped below 1.5% for the first time ever and gold vaulted back above $1600 an ounce.Doug Cote, chief market strategist at ING Investment Management, expects the jobs report to be a cloud over the market until weekly initial jobless claims come out on Thursday. "If that
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV