Wall Street drops with banks after shock jobs data

U.S. stocks dropped on Friday, led by banks, after much weaker-than-expected jobs data for May pointed to labor market weakness and raised doubts if the economy was healthy enough to absorb an interest rate hike in the coming months. The Labor Department said nonfarm payrolls increased by only 38,000 last month, the smallest gain since September 2010 and well below economists' forecast of 164,000. "It's a fairly disastrous payroll report," said Gennadiy Goldberg, an interest rate strategist at T