News Summary: Stocks drop after weak jobs reportThe Associated PressThe Associated Press
LOSING WEEK: The Dow Jones industrial average fell 124 points, wiping out its gain for the week, after the U.S. government reported that only 80,000 jobs were created in June. It was the third straight month of weak hiring.
BRIGHT SPOTS: There were a few bright spots in the bleak jobs report, according to Sharon Stark, chief market strategist at brokerage firm Sterne Agee. She says the number of work hours and average hourly earnings increased last month.
OIL DROPS: Crude oil dropped 3 percent. The U.S. is the world's biggest oil consumer, and the prospect of lower demand pushed down prices. Energy stocks followed the price of oil lower. Peabody Energy fell about 5 percent, while Alpha Natural Resources declined 6.5 percent.