NEW YORK - A disappointing jobs report sent stocks falling Friday and gave the Dow Jones industrial average its longest losing streak since the worst days of the financial crisis.
The Dow dropped 46.05 points Friday for its seventh straight loss and its longest slide since October 2008. The Dow and other major indexes posted big losses for a second straight week.
Light trading ahead of the long Independence Day weekend brought choppy moves, particularly in the final hour. The Dow was essentially flat in the last five minutes before sliding just before the close.
The government also reported that factory orders fell in May for the first time in nine months. The 1.4 percent drop was the biggest since March 2009, when major stock indexes hit a 12-year low. The drop unnerved traders because manufacturing has been one of the strongest areas of the economy.
Pessimism has been growing since late April about the health of the global economy. Debt problems in Greece and other European countries gave way to concerns about the pace of the U.S. recovery. The Dow dropped 10 percent for the second quarter, which ended Wednesday, while the Standard & Poor's 500 index lost 11.9 percent. The Dow is down 13.6 percent from its 2010 high of 11,205.03, while the S&P 500 is down 16 percent from its high of 1,217.28.
BP's U.S. shares slipped 4 cents to $29.35 on Friday but it still recorded a gain of 8.6 percent for the week, the first weekly increase since the April 20 explosion on the BP-operated Deepwater Horizon triggered a massive gulf oil spill.