Wall Street sinks on jobs data, Dow negative for 2012

By Rodrigo Campos

NEW YORK (Reuters) - Stocks fell more than 2 percent on Friday, dragging the Dow into negative territory for the year after a dismal U.S. jobs report added to fears that Europe's spiraling debt crisis was dragging down the world economy.

The S&P 500 closed at its lowest since early January and ended below its 200-day moving average for the first time in 2012 after the Labor Department said employers created just 69,000 jobs last month, the weakest in a year.

The bleak May jobs report caps a week of soft economic data from China and growing problems in Europe as Spain's bank crisis deepened.

The global flight to safety pushed U.S. and German government debt yields to record lows while the VIX (.VIX), a gauge of U.S. stock market anxiety, jumped more than 20 percent for the week.

"The vast majority of investors are choosing to panic," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

 *** Source Yahoo Finance.

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