Wall Street sinks as job losses mount and Boeing drags

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By Ellis Mnyandu

NEW YORK (Reuters) - Stocks fell on Friday as a loss of more than half-a-million jobs last month heightened fears that the worst financial crisis since the 1930s is becoming even more severe.

Investors, fearful that the job losses will cause consumers to cut back spending and make the profit outlook more dire, sold stocks more broadly, but the energy sector was the biggest casualty.

Exxon Mobil's stock, down 4 percent, was the top drag on the Dow, followed by BOEING (BA.NY) , down 6 percent on news it may delay its new 787 Dreamliner further.

"The market is so fearful now," said Ray Rund, head of research at Shaker Investments in Cleveland, Ohio. "Anything that feeds the fear is going to see a negative reaction until there's some news that either reverses that or says the (economic) problems are getting solved."

The Dow Jones industrial average <.DJI> fell 171.40 points, or 2.05 percent, to 8,204.84. The Standard & Poor's 500 Index <.SPX> declined 16.31 points, or 1.93 percent, to 828.91. The Nasdaq Composite Index <.IXIC> shed 20.17 points, or 1.40 percent, to 1,425.39.

The S&P 500 is down 43.6 percent for the year.

Mounting layoffs present a major obstacle for stocks that have been trying to break out of 11-year lows.

Exxon Mobil shares fell to $43.56 on the News York Stock Exchange, and Chevron shares declined to $70.80.

Technology shares also took a beating, with Microsoft Corp , the second-heaviest weight on the Nasdaq 100 <.NDX>, down 2.3 percent at $18.68.

Shares of computer and printer maker Hewlett-Packard dropped 3.4 percent to $32.26.

Boeing fell 6 percent to $36.85 as investors fretted about yet more delays for its new Dreamliner jet.

Shares of other big blue-chip manufactures also fell, with chemical maker DuPont down 4 percent at $22.75.

Investors were also on edge about the fate of the U.S. auto industry, with executives of the Big Three car makers, including General Motors , back on Capitol Hill to plead again for a $34 billion government rescue.

GM shares slid 4.4 percent to $3.93, while Ford rose 2.3 percent to $2.72 as Washington considered whether to lend the automakers a helping hand.

Rep. Barney Frank warned that it would be an "unmitigated disaster" if a big U.S. automaker is allowed to collapse.

(Editing by Jan Paschal)

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