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Stocks Log 4-Day Loss, Dow Ends Below 13,000
09 Apr 2012 EDT - CNBC.com
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“If the economy is slowing and the pace of jobs growth is slowing, then it’s not consistent with the stock market’s recent rally," said Uri Landesman, president of Platinum Partners. “And so I’d expect there to be a selloff that’s going to take us down 5 to 7 percent.”

U.S. payrolls rose far less than expected in March, with employers adding 120,000 jobs, according to the Labor Department. The gain was the smallest increase in five months and fell short of expectations for a gain of 203,000, according to a Reuters poll.

The report cast doubts over the ability of the U.S. to help boost the global economy amid Europe's resurfacing debt crisis woes and worries over China's slowing economy. (Read More: What Slowdown? China Already 'Reaccelerating' )

Some strategists even said the weak jobs report could renew hopes for more stimulus from the Federal Reserve .

"Considering 70 percent of all jobs created over the past six months are of the low-income variety, seeing this disappointing print doesn't bode well for the health of the U.S. economy," said Todd Schoenberger, managing principal of The BlackBay Group. "Question marks about earnings growth for companies and further acceleration in GDP remain unanswered with [the jobs] data."

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