Markets slide as weak U.S. jobs report weighs

North American stock markets fell Monday as investors reacted to last Friday's unexpectedly weak U.S. employment report. S&P/TSX composite index 3-month trading chart

The Dow Jones industrial average tumbled 129 points, or 1.0 per cent, to 12,931 by 12:20 p.m. ET. The Nasdaq composite index dropped 33 points to 3,047.

Monday was the first chance for investors to react to the U.S. jobs report, which was released on Good Friday when stock markets in North America and Europe were closed.

The report showed the U.S. economy created just 120,000 new jobs in March. Economists had expected about 205,000 jobs would be created. That raised worries about the health of the U.S. economic recovery.

The S&P/TSX composite index shed 89 points to 12,018. The gold sub-index rose 1.1 per cent ? the only sector to advance ? as gold futures gained $14 US to $1,644 US an ounce.

The Toronto market was hurt by falling prices for oil and copper. Oil futures slumped $2 US to $101.31 a barrel. Copper prices shed eight cents to $3.71 a pound.

Worries about the strength of China's growth are leading to lower commodity prices. The Chinese government is also wrestling with rising inflation. China reported Monday that the country's inflation rate edged up 3.6 per cent in March from a year earlier, up from February's rate of 3.2 per cent.

The TSX has lost ground for the last five straight weeks. It's now up just 1.2 per cent on the year.

The market has been buffeted by worries about the European debt crisis and apprehension about the upcoming first quarter corporate earnings season, which starts this week in the U.S. Traders are bracing for lower earnings.

The Canadian dollar slipped almost 3/10ths of a cent to 100.34 cents US.

With files from The Canadian Press

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