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U.S. Stocks Drop as Jobs Report Wipes Out S&P 500’s Weekly Gain

U.S. stocks slumped, wiping out the weekly gain for the Standard & Poor’s 500 Index, as a government report showing employment stagnated last month stoked concern the world’s largest economy may fall into a recession.

Caterpillar Inc. and FedEx Corp. retreated more than 3.5 percent, pacing losses among companies most-tied to economic growth. Financial stocks in the S&P 500 slumped 4 percent, the most within 10 industries. Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. tumbled at least 4.5 percent as the Federal Housing Finance Agency sued the lenders over residential mortgage-backed securities.