Disappointing jobs report sends Dow down by 300

Stocks are extending their slide after the Labor Department said hiring remains weak and Hungary became the latest European country to report its economy is in crisis.

The Dow Jones industrial average dropped more than 300 points in late afternoon trading Friday. All the major indexes are down more than 3 percent.

The Labor Department says private employers hired just 41,000 jobs in May, down dramatically from 218,000 in April.

Meanwhile, a spokesman for Hungary's prime minister described the country's economy as being in a "grave" situation. That is pushing the euro lower.

The Dow is down 327, or 3.2 percent, at 9,929. The Standard & Poor's 500 index is down 37 at 1,066, while the Nasdaq composite index is down 80 at 2,223.

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