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Stocks close lower for fifth straight week

The Dow closed down more than 90 points after the Department of Labor released a discouraging jobs report on Friday

A pair of traders work in their booth on the floor of the New York Stock Exchange Friday, June 3, 2011. Stocks closed low on Friday, continuing a five-week streak of losses.

Richard Drew / AP

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By Abby Schultz JeeYeon Park,

Stocks finished lower for the fifth-consecutive week after the disappointing government jobs report in addition to other weak economic news throughout the week indicated signs of a slowdown.

The Dow Jones Industrial Average fell almost 97 points, recovering from a 144-point drop earlier in the session.

AmEx and DuPont were among the blue-chip laggards. And tech bellwether Cisco tumbled to multi-year lows.

The S&P 500 and the tech-heavy Nasdaq also finished lower. The CBOE Volatility Index, widely considered the best gauge of fear in the market, slipped 0.77 percent to finish at 17.95.

All key S&P sectors finished lower this week, the first time since the 2010 market lows in July.

For the week, the Dow declined 2.33 percent, the S&P shed 2.29 percent and the Nasdaq dropped 2.32 percent.

This is the first time the Dow has fallen five weeks in a row since July 2004, and the first time for the five-week stream by the S&P 500 since July 2008.

The fact the S&P 500 has moved back above 1,300 after it broke through that level earlier in the day may be a good sign that the market isn’t ready to move much lower, said Marc Pado, market strategist at Cantor Fitzgerald.


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