U.S. Stocks Fall for Week as Dow Erases 2012 Gain on Jobs


02/06/2012 03:16 AST  Bloomberg

U.S. stocks tumbled, falling for the fourth time in five weeks and erasing the Dow Jones Industrial Average’s 2012 gain, amid concern the global economy is slowing and Europe’s debt crisis is worsening.

The Standard & Poor’s 500 Index slumped 2.5 percent today, the most since November, after American employers added the fewest workers in a year during May. All 10 industries in the benchmark index slipped in the holiday-shortened week. Energy shares sank 4.6 percent as oil had the biggest monthly decline in more than three years. An index of homebuilders tumbled 10 percent, the most since August, amid worse-than-expected housing data. Facebook Inc. plunged 13 percent.

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