Summary Box: Worst week in stocks this year

AP News
Posted: May 04, 2012 5:11 PM
Summary Box: Worst week in stocks this year

WORST WEEK OF YEAR: Stocks plunged on Wall Street after the government reported that hiring slowed sharply last month, the latest sign of weakness in the economy. The Standard & Poor's 500 index and the Nasdaq composite closed out their worst weeks of the year.

OIL TAKES A BATH: The news also sent the price of oil plummeting by $4 to $98 on worries that demand would drop because of a weakening world economy. It was the first time oil dropped below $100 since February 13.

EYE ON EUROPE: France and Greece head into elections over the weekend. Investors usually sell before big events that could hurt the value of their portfolios. The outcome of both those elections could have a significant impact on markets because a leadership turnover in Paris or Athens could change the way Europe responds to its debt crisis.