June 4, 2016 7:12 PM

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US stocks fall after weak jobs report

US stocks fell on Friday, on slide in financial stocks, after a surprisingly weak jobs report prompted doubts about the US economy and its ability to sustain a near-term interest rate hike.The Dow Jones industrial average fell 32 points, or 0.2 percent, to 17,807. The S&P 500 lost 6 points, or 0.3 percent, to 2,099. And the Nasdaq Composite dropped 29 points, or 0.6 percent, to 4,943.In economic news, the US economy created the fewest number of jobs in more than five-and-a-half-year in May as manufacturing and construction employment fell sharply.Non-farm payrolls increased by only 38,000 jobs last month, well below economists' forecast for an increase of 164,000.Traders significantly cut bets that the Federal Reserve will raise rates at its meetings in June and July.Such sentiment was reflected in the weakness in the financial sector, which is seen as benefiting in a rising rate environment.

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