Monday, May 7, 2012

S&P, Nasdaq Log Worst Week of 2012; Apple Falls

Stocks finished deeply in negative territory Friday, after the government reported that hiring slowed in April, fueling worries over the strength of the economic recovery.

The S&P 500 and Nasdaq posted their biggest weekly drop this year.

The Dow Jones Industrial Average fell for a third-consecutive session, tumbling 168.32, or 1.27 percent, to close at 13,038.27, led by BofA [BAC 7.74 -0.26 (-3.25%) ] and Cisco [CSCO 19.12 -0.60 (-3.04%) ].

The S&P 500 fell 22.47, or 1.61 percent, to finish at 1,369.10. The Nasdaq plunged 67.96, or 2.25 percent, to end at 2,956.34.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, surged to close near 19. Read More