U.S. stocks declined Friday after government data showed the economy created just 38,000 jobs last month, the weakest level of hiring in six years.
The weak jobs report is likely to prompt the Federal Reserve to delay rate increases this month, according to analysts.
The S&P 500 index SPX, -0.79% retreated from its 7-month high, notched on Wednesday. The index was down 16 points, or 0.8% at 2,089 and on track to finish the week lower. Financial stocks fell sharply with the exchange-traded Financial Select Sector ETF XLF, -2.26% slumping 1.6%. Lower rates can impede banks’ ability to generate profits.
