By msnbc.com news services
Stocks slid Friday after a weaker-than-expected payrolls report cast doubt over the strength of the economic recovery.
The Dow Jones industrial average was lately down over 100 points.
The Labor Department said employers decreased hiring for the third straight month, adding 115,000 workers, below forecasts of 170,000 jobs. The unemployment rate, however, ticked down to 8.1 percent.
Despite the disappointing report, declines in index futures were muted as investors interpreted the data as increasing the likelihood of more stimulus measures from the Federal Reserve, including another round of quantitative easing (QE).
"115,000 (jobs) increased the probability of QE3 and that is what people are looking for. The drop in the unemployment rate was actually an unhealthy drop. You had less people looking for work, which shows a bad sentiment," said Ron Florance, managing director of investment strategy for Wells Fargo Private Bank in Scottsdale, Arizona.
"There is little you can say about that number that was good, except for the fact that it might bring in the cavalry of the Federal Reserve for a third round."
The S&P 500 suffered its first monthly decline of the year in April, and the benchmark index has struggled to convincingly pierce the key resistance level of 1,400 as investors have grappled with conflicting economic reports.
Investors may also be leery of placing big bets ahead of Sunday elections in Europe that could bring new leadership in France and Greece in a backlash against severe austerity measures.
Reuters contributed to this report.
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