US stocks dip as jobs report misses expert estimates

Written by Bloomberg | Updated: Apr 10 2012, 08:07am hrs
US stocks fell on Monday, sending the Standard & Poors 500 Index lower, following the biggest weekly retreat of the year, after American employers added fewer jobs than forecast in March.

The S&P 500 slumped 1.1% to 1,383.46 at 9.31 am New York time following the benchmark indexs 0.7% weekly loss. US stock exchanges were shut for Good Friday on April 6, when the employment report was released. This is going to set off some additional weakness in the market and doesnt set a great tone for earnings starting on Tuesday, said Walter Todd, who oversees about $950 million as chief investment officer at Greenwood Capital in Greenwood, South Carolina.

Equities slumped last week after the Federal Reserve signaled it will refrain from further monetary stimulus.