The Nasdaq 100 tumbled in midday trading Friday after the Labor Department said unemployment jumped last month to levels not seen in 22 years, and crude oil prices resumed their upward charge.
The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, lost 40.52 points, or 2 percent, to 2,014.59 in midday trading. Only four of the index's members were up in the midday session.
The broader Nasdaq composite shed 47.69 points to 2,502.25.
Shares of Focus Media Holding Ltd. fell $4.68, or 12.7 percent, to $32.11. The Chinese advertising network operator cut its annual outlook due to the effects of a May earthquake.
Shares of United Airlines operator UAL Corp. shed 77 cents, or 7.6 percent, to $9.34 as oil prices rose again. Also, the company said Friday it has reached a deal with an employee union that will give 600 flight attendants the option to voluntarily leave their jobs.
Shares of Irish budget airline Ryanair Holdings PLC slipped $2.37, or 7.4 percent, to $29.46
On the gaining side, shares of Joy Global Inc. added $1.12 to $89.30.
Shares of Cephalon Inc. added 72 cents to $69.05. A Lehman Brothers analyst kept an "Overweight" rating on Cephalon Friday, citing updated reimbursement guidelines adopted by the Centers for Medicare and Medicaid Services for oncology drugs.
Shares of Leap Wireless International Inc. increased 17 cents to $59.35.
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