Latest surge in oil prices sends stocks lower

NEW YORK — Stocks are falling in midday trading as worries about another jump in oil prices overshadow a solid report on the U.S. job market.

Crude oil rose more than 1 percent on Friday to trade above $103 a barrel, its highest level since September 2008. Markets have been rattled over the past two weeks as higher oil prices threaten to undermine the economic recovery.

The Dow Jones industrial average is down 51 points, or 0.4 percent, to 12,206. The S&P 500 index is down 7, or 0.5 percent, at 1,324. The Nasdaq is down 13, or 0.4 percent, to 2,787.

News on the U.S. labor market was encouraging. The government reported that employers added 192,000 jobs in February. The unemployment rate dipped to 8.9 percent from 9 percent the previous month.