NEW YORK ( TheStreet) -- Traders closed the book Friday on a distressing week that saw stocks tumble on increasingly worrisome economic data. And with the phrase "double-dip" being bandied about of late, the current holiday-shortened week will offer more pessimistic investors only a few isolated opportunities to change their view. The U.S. stock market was closed Monday in observance of the Independence Day holiday. After Monday, the economic reports on tap appear scant and bare at first glance. "It is going to be a quiet week," said Jack Ablin, chief investment officer at Harris Private Bank, who said he'll instead be looking ahead to the start of earnings season. "Mostly, all of next week is going to be filled with quiet trading sessions as investors digest the economic data and prepare for second-quarter earnings data." But observers also say a few nuggets this week may have a deeper impact and could lead to more volatility given the low trading volumes. Stocks ended the Friday session on a downbeat note, with the Dow losing 46 points to finish at 9,686, after a dispiriting jobs report from the Labor Department showed the nation's employers shed 125,000 jobs in June. Though the bulk of the loss came because the government slashed 225,000 temporary Census positions, the private sector still added an underwhelming 83,000 jobs. The nation's unemployment rate fell to a one-year low, albeit because a huge chunk of people dropped out of the work force. While U.S. markets were closed Monday, bourses mostly trended lower on apparent concerns about the strength of the global recovery. > > Bull or Bear? Vote in Our Poll On the one hand, Jim Paulsen, chief investment strategist at Wells Capital Management, will be looking to this week to see whether the market manages to rally off the bad news or trades sideways to lower given the prevailing negative sentiment. With the report certifying the weakness in the labor market yet doing little to answer larger questions about the state of the economy in the second half of the year, observers say any additional jobs metrics will take on added importance as investors try to get a more definitive read on the nation's hiring situation. That places Thursday's initial jobless claims figures front and center, according to experts. New claims, which are scheduled for release from the Labor Department, have flitted around 450,000 to 470,000 for much of the year. That stagnation calls the very idea of sustained jobs growth into question, which in turn raises doubts about the strength of the economic recovery.