Stocks extend losses after dismal jobs report

A jarringly weak report on employment is weighing down stock prices for the third straight day.

The Dow Jones industrial average is poised to mark its fifth straight week of losses. That would be its longest losing streak since July 2004.

Before the market opened, the government said employers hired only 54,000 new workers in May, the fewest in eight months. Many economists expected about 100,000 new jobs. They lowered their projections after a series of bad economic reports this week.

The Dow is down 102 points, or 0.8 percent, at 12,147 in midday trading Friday. It was down as many as 144 points earlier.

The Standard & Poor's 500 is down 10 points, or 0.8 percent, at 1,303. The Nasdaq is down 25 points, or 0.9 percent, at 2,748.