U.S. Stocks Drop After Weak June Jobs Report

Even in bad stock market years, families may still want to contribute to 529 plans.

Even in bad stock market years, families may still want to contribute to 529 plans.

Associated Press + More

By PALLAVI GOGOI, Associated Press

NEW YORK (AP) — Stocks are falling sharply at the opening of trading on Wall Street after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.

The Dow Jones industrial average dropped 120 points to 12,780 shortly after the opening bell Friday. The Standard & Poor's 500 slid 12 points to 1,356 and Nasdaq composite fell 21 points to 2,954.

[READ: Weak Retail Sales Push Stocks Lower.]

The unwillingness of employers to add jobs quickly shows that the economy is still struggling three years after the recession officially ended. The unemployment rate was unchanged at 8.2 percent.

The weak jobs report led investors to shift money into low-risk assets. The price of the 10-year Treasury note rose, sending its yield down to 1.56 percent.

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