US stocks dropped on Friday and the Nasdaq looked to end an eight-day winning streak as a weak jobs report dashed hopes the economy was emerging from a soft patch, though the start of earnings season next week kept investors engaged. US employers hired a mere 18,000 workers in June, the Labour Department said, the fewest number in nine months and far below economists' expectations for a gain of 90,000.
The unemployment rate rose unexpectedly in June to 9.2 percent, the highest since December, from 9.1 percent in May. Despite the day's drop, the three major US stock indexes remained higher for the week. But the US stock market is coming off a string of gains that many investors said was related to investors pricing in an earnings season expected to be strong despite the economic slowdown. Over the past eight sessions, the S&P 500 rose 6.7 percent.
The Dow Jones industrial average was down 86.47 points, or 0.68 percent, at 12,633.02. The Standard & Poor's 500 Index was down 11.97 points, or 0.88 percent, at 1,341.25. The Nasdaq Composite Index was down 21.20 points, or 0.74 percent, at 2,851.49.
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