To: Kenneth E. Phillipps who wrote (134142 ) 6/1/2012 2:38:09 PM From: Hope Praytochange 2 Recommendations Respond to of 224699 US Stocks Pacing For Year's Biggest Declines On Weak Jobs Report 06/01 02:03 PM --U.S. stocks tumble after May jobs growth is the slowest in a year --May nonfarm payrolls rise 69,000 versus expectations for a rise of 155,000 --DJIA turns negative year to date; benchmarks' declines pacing for worst this year --All 10 of the S&P 500 sectors fall; every DJIA stock lower By Chris Dieterich Of DOW JONES NEWSWIRES where are you kennytroll hiding: olympia sewers ???? NEW YORK (Dow Jones)--Another disappointing monthly U.S. jobs report sent stocks skidding toward their worst losses this year and wiped out all of the Dow's 2012 gains. The Dow Jones Industrial Average shed 249 points, or 2.1%, to 12139, in afternoon trading Friday. The Standard & Poor's 500-stock index declined 29 points, or 2.2%, to 1281, and the Nasdaq Composite lost 71 points, or 2.5%, to 2756. After rocketing higher to start the year, stock gains quickly have unraveled. Both the Dow and S&P 500 staged their biggest first-quarter ascents in over a decade; one month ago, the Dow closed at a 4 1/2-year high. Since then, blue chips have fallen about 8.5% as global growth concerns and worries over Europe's debt crisis have roiled the markets. The Dow industrials were down 0.5% for the year in recent trading. The S&P 500 is clinging to gains of 1.9%, and the Nasdaq has risen 5.8%. "The first quarter was excellent, but this is fear, and it's returned big time," said Greg Peterson, director of investment research at Ballentine Partners. Nonfarm payrolls rose 69,000 in May, according to the Labor Department, the smallest gain in a year and well below forecasts for an increase of 155,000. March and April job gains both were revised down. Friday's report was the third in as many months to come in shy of forecasts. The unemployment rate ticked one-tenth of a percentage point higher to 8.2%, the first increase in nearly a year. "We're seeing the markets pricing in synchronized global slowdown," said Joe Quinlan, chief market strategist at U.S. Trust. All 10 of the S&P 500's sectors fell, as did all components of the Dow. Financial stocks, including Bank of America, which fell 5%, were the biggest decliners. Hewlett-Packard gave back 4.7%, while American Express fell 4.6%. In other economic news, the Institute for Supply Management's purchasing managers index for May was slightly below forecasts, while spending on construction projects rose modestly in April. Separately, American consumers spent modestly more than expected in April, while personal incomes rose more slowly than expected.