Banks lead Wall St slide after dismal jobs data

Financial stocks led Wall Street lower in early afternoon trading on Friday after shockingly weak nonfarm payrolls data for May raised doubts if the economy could withstand an interest rate hike in the near term. The U.S. Labor Department said payrolls increased by only 38,000 last month, the smallest gain since September 2010 and well below economists' forecasts of 164,000. "This was not a huge miss or off-the-mark, this was a shocking miss," said Mark Grant, managing director and fixed-income