Investing.com - Wall Street fell Friday after the U.S. economy added fewer jobs than expected in February, increasing worry that economic growth has plateaued.
The S&P 500 fell 21 points, or 0.77%, as of 9:31 AM ET (14:31 GMT), while the Dow slumped 200 points, or 0.79%, and the tech-heavy Nasdaq Composite decreased 81 points, or 1.10%.
The U.S. economy only added 20,000 jobs in February, well below expectations, as the economy reaches near employment. The unemployment rate dropped more than expected, but wage inflation accelerated beyond forecasts.
"The poor number indicates that we are suffering alongside the rest of the global economy and that it is having an impact on the U.S.," said Paul Nolte, portfolio manager at Kingsview Asset Management.
"The U.S. has been the best house in a lousy neighborhood and maybe that is changing."
Weak Chinese data also contributed to worry over the global economy, as China's exports in February decreased 20.7% from a year earlier, the most in three years.
Trade worries also lingered, as the U.S. and China postponed a possible trade deal summit, The Wall Street Journal reported.
Technology stocks were among the biggest hit, with Apple (NASDAQ:AAPL) falling 1% and Facebook (NASDAQ:FB) declining 1.1%, while Netflix (NASDAQ:NFLX) slumped 2.5%.
Oil companies fell on news that Norway’s wealth fund is pulling out of oil and gas companies. Exxon Mobil (NYSE:XOM) fell 1.9%, while Royal Dutch Shell (NYSE:RDSa) dipped 1.8% and Chevron (NYSE:CVX) tumbled 1.9%.
In commodities, gold futures rose 0.8% to $1,296.65 a troy ounce while crude oil slumped 3% to $54.88 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, declined 0.3% to 97.32.
-- Reuters contributed to this report.