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US stocks slump

A roundup of trading on major world markets:

NEW YORK – US stocks plummeted on Friday after the release of disappointing jobs data for April, with tech giants leading the way on fears that consumer spending would weaken.

News that the economy generated only 115,000 net new jobs last month, less than half the pace at the beginning of the year, sent buyers running for the doors.

The data also suggested that many tens of thousands of Americans had also dropped out of the jobs market altogether, a bad sign for household incomes.

At the close the Dow Jones Industrial Average was off 168.32 points, or 1.27 percent, to 13,038.27.

The S&P 500 lost 22.47 (1.61 percent) to 1,369.10, while the tech-rich Nasdaq plunged 67.96 (2.25 percent) to 2,956.34.

LONDON – Most European stock markets fell sharply and the euro lost ground but French borrowing rates eased as traders braced for weekend elections in two eurozone nations.

Weak US jobs data undermined investor sentiment on both sides of the Atlantic.

London’s FTSE 100 index lost 1.93 per cent to close at 5655.06 points, the Paris CAC 40 shed 1.90 per cent to 3161.97 points and in Frankfurt the DAX 30 slid 1.99 per cent to 6561.47.

But Madrid’s IBEX 35 index gained 0.35 per cent to 6876 points on better Spanish employment data.

In foreign exchange deals, the euro dropped to $1.3084 from $1.3149 in New York late on Thursday, as investors also reacted to weak eurozone business data.

HONG KONG – Asian shares mostly slipped in nervous trade ahead of closely watched US jobs figures later in the day, at the end of a week that has provided mixed signals on the global economy.

Investors also remained cautious before the French presidential election run-off on Sunday, with incumbent Nicolas Sarkozy trailing Francois Hollande, who says he wants to review a recent eurozone fiscal pact.

Sydney shed 0.74 per cent, or 33.0 points, to 4,396.0 and Seoul slipped 0.30 per cent, or 5.96 points, to 1,989.15 on Friday.

Hong Kong fell 0.77 per cent, or 163.53 points, to 21,086.00 but Shanghai rose 0.49 per cent, adding 11.93 points to end at 2,452.01.

Tokyo was closed for a public holiday.

WELLINGTON – Wellington ended 0.75 per cent, or 26.93 points, lower at 3,549.78.