NEW YORK (CNNMoney) -- U.S. stocks fell sharply on Friday, with the Dow and S&P falling for the fifth-straight week, as investors digested a disappointing May jobs report.
The Dow Jones industrial average () lost 97 points, or 0.8%, to end the week at 12,151. The Dow is on its longest weekly losing streak since July 2004.
The S&P 500 () lost 13 points, or 1%, to 1,300; and the Nasdaq Composite ( ) shed 41 points, or 1.5%, to 2,733.
Friday's selling was broad, with 28 out of 30 Dow components ending the session lower. Economy-sensitive companies such as General Electric (Fortune 500), Alcoa ( , Fortune 500) and DuPont ( , Fortune 500) were among the biggest drags on the blue chips.,
Technology shares sold off in late-afternoon trading, with Research in Motion (Fortune 500).) leading the declines on the Nasdaq along with by Nvidia ( ) and Amazon.com ( ,
Investors also flocked to the safety of U.S. Treasuries, sending the yield on the 10-year note back under 3% for the third day in a row.
"I'm not giving up hope, but clearly the strength of the economic recovery is in question," said Rob Lutts, chief investment officer with Cabot Money Management.
Over the past few months, investors have been faced with increasing signs that the economic recovery is stalling. Stocks had their worst monthly performance in May since August 2010.
The government's May jobs report out on Friday only added to those worries.
Employers added a mere 54,000 jobs last month, down from a downwardly revised 232,000 in the previous month. The unemployment rate nudged up to 9.1%.
While the jobs report figures were dismal, bullish traders said that the bad numbers were largely baked into the market already following Wednesday disappointing ADP private payrolls report.
"This week's economic reports have not done anything to inspire confidence," said David Levy portfolio manager with Kenjol Capital Management.
U.S. stocks closed mostly lower Thursday, with the Dow and S&P falling for a second day in a row.
Economy: The Institute for Supply Management said its May services index rose to a reading of 54.6, beating the reading of 53.3 economists had forecasted. A reading of more than 50 signals an expansion in the sector.
Oil for July delivery dropped 18 cents to $100.22 a barrel.
Meanwhile, gas prices inched up for a second day, following a 20-day streak of declines.
Gold futures for July delivery rose $9.70 to $1,541.90 an ounce.
Shares of Newell Rubbermaid (Fortune 500) dropped 12% after the company cut its full-year 2011 earnings and sales guidance.,
The U.S. Treasury announced Friday it sold off its last remaining stake of Chrysler Group LLC to Italian automaker Fiat, which already holds a controlling share. The Treasury said Thursday that it will sell its 6% stake -- 98,461 shares -- to Fiat for $500 million.
Late Thursday, online coupon company Groupon filed for a $750 million initial public offering. Groupon plans to trade under the symbol "GRPN."
World markets: Moody's Investors Service said Friday it has downgraded the deposit and senior debt ratings of eight Greek banks.
The move comes two days after Moody's downgraded the Greek government's credit rating to "Caa1," its third-lowest rating, adding to worries that a second bailout may be needed to prevent the country from defaulting on its debt.
European stocks ignored the U.S. jobs report and the Moody's downgrade. Britain's FTSE 100 rose 0.1%, the DAX in Germany rose 0.5% and France's CAC 40 ended the day mostly unchanged.
|What we want Apple to unveil at WWDC|
|Millennials squeezed out of buying a home|
|7 traits the rich have in common|
|Big Data knows you're sick, tired and depressed|
|Your car is a giant computer - and it can be hacked|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.83%||3.86%|
|15 yr fixed||2.95%||2.94%|
|30 yr refi||3.95%||3.98%|
|15 yr refi||3.05%||3.05%|
Today's featured rates: