Friday’s disappointing jobs report took its toll on financial markets, as stocks Friday took their biggest drop of the year.
Financial markets dropped over 100 points as soon as they opened following the dismal report, and spent the rest of the day sliding farther downward. The Dow Jones Industrial Average closed the day down 274 points, or 2.22 percent. Meanwhile, the S&P 500 and Nasdaq also closed the day down, falling 2.46 and 2.82 percent, respectively.
The off-the-mark report has thrown fresh skepticism on the viability of the economic recovery, and if the disappointing trend continues, could derail the president’s reelection bid.
GOP challenger Mitt Romney has made the economy the focal point of his campaign, as his prime contention has been that the president’s policies have failed to boost the economy and it is time for a change in course.