Stocks fell on Friday to end another volatile week of trading as investors weighed a massive drop in U.S. jobs along with a spike in oil prices.
U.S. payrolls fell by 701,000 in March, marking the worst jobs report since 2009, while the unemployment rate jumped to 4.4%. However, the report failed to capture the full extent of the economic blow being dealt by the coronavirus outbreak. On Thursday, the Labor Department said jobless claims jumped by a record of 6.6 million for the week of March 27.
“Today’s nonfarm payrolls data confirms what we’ve already