Financial Markets Unimpressed by Jobs Report

Not enough to offset storm damage and economic malaise

Stocks closed sharply lower Friday after rising in the morning as traders dug into a better-than-expected government report on jobs. It didn't take long for investors to turn their attention away from the employment outlook and focus on the damage caused by Superstorm Sandy and how much the repairs will cost.

The Dow Jones industrial average closed down 139.46 points, 1.1%, to 13,093.16. The broader Standard & Poor's 500 index finished down 13.39 points, 0.9%, to 1,414.20, and the tech-laden Nasdaq composite index ended down 37.93 points, 1.3%, to 2,982.13.

The losses erased the week's gains, which were mostly tied to better than expected earnings and a slew of upbeat economic reports that had ignited optimism about the economic outlook.