* April payrolls come in far under expectations
* Energy shares tumble alongside crude oil prices
* LinkedIn jumps on results, First Solar sells off
* Indexes off: Dow 1.2 pct, S&P 1.5 pct, Nasdaq 1.9 pct
By Ryan Vlastelica
NEW YORK, May 4 U.S. stocks fell more than 1
percent on Friday after a disappointing jobs report underlined
concerns the economic recovery may be slowing.
Employers decreased hiring for the third straight month,
adding 115,000 workers in April, well below forecasts of
170,000. The unemployment rate fell to 8.1 percent from 8.2
"The market has been overextended, and with payrolls so much
weaker than expected, it's no surprise that we're getting a
pullback," said Elliott Roman, managing director at trading firm
Direct Access Partners in New York.
The Dow Jones industrial average slid 154.51 points,
or 1.17 percent, at 13,052.08. The Standard & Poor's 500 Index
was down 20.36 points, or 1.46 percent, at 1,371.21. The
Nasdaq Composite Index tumbled 57.63 points, or 1.91
percent, at 2,966.67.
The S&P 500 suffered its first monthly decline of the year
in April, and the benchmark index has struggled to convincingly
pierce the key resistance level of 1,400.
The benchmark index fell below its 50-day moving average for
the first time since April 25.
Energy shares were the worst performers, with the S&P energy
index falling 2.2 percent on fears a worsening global
economy would sap demand. U.S. crude oil fell below $100
a barrel for the first time since February.
Chevron Corp dropped 2.1 percent to $103.77 while
Exxon Mobil Corp was off 1.2 percent to $84.66.
Utilities, considered a defensive play, was the only
S&P 500 sector in positive territory, up 0.4 percent.
First Solar Inc fell 6 percent to $17.01 and was
the biggest decliner on the Nasdaq 100. The U.S. solar
panel maker posted an unexpected quarterly loss on Thursday,
prompting analysts to lower their price targets.
Investors held back from big bets ahead of Sunday elections
in Europe that could bring new leadership in France and Greece
in a backlash against severe austerity measures.
On Friday, surveys showed the euro zone economy worsened
markedly in April and suggested a recession may be deeper than
The pan-European FTSEurofirst 300 index closed down
Among individual stocks, LinkedIn Corp jumped 7.3
percent to $117.50 after the social networking website raised
its outlook and smashed revenue and profit expectations.
Estée Lauder Cos Inc dropped 5.1 percent to $60.90
after the company gave a profit forecast that disappointed Wall
Of the 415 companies in the S&P 500 index reporting
results, 67.5 percent have exceeded estimates, according to
Thomson Reuters data through Friday morning.
Dole Food Co Inc said it may spin off one or more
units, sending shares up 5.3 percent to $9.18.