U.S. stocks extend weekly loss streak to five

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http://www.marketwatch.com/story/us-stocks-open-steeply-lower-on-may-jobs-2011-06-03

NEW YORK (MarketWatch) — U.S. stocks finished lower Friday, with the Dow industrials logging their fifth straight weekly drop, after a gloomy May jobs report that was partly offset by more upbeat data on the service sector.

“The jobless data was clearly a shock to the system today, as investors were reminded that the economy is going nowhere fast,” said Keith Springer, president of Springer Financial Advisors in Sacramento, Calif.

he financial sector ended off the day’s lows, helping the benchmarks trim their decline, after the leader of a group of European finance ministers said new aid for Greece would be approved. Read more about potential help for Greece.

Scaling back from a 140-point drop, the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed DJIA -0.79% fell 97.29 points, or 0.8%, to close at 12,151.26. For the week, shortened by Monday’s Memorial Day holiday, the blue-chip average lost 2.3%, giving the index its longest weekly losing streak since July 2004.