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NEW YORK (CNNMoney)
Investors quickly shifted their attention to the G-20 meeting in St. Petersburg. Russian president Vladimir Putin spooked the markets with comments about his support for Syria.
The Dow Jones industrial average plunged more than 100 points after Putin told reporters that Russia would continue arms sales and provide aid to Syria if the nation were attacked. The S&P 500 and Nasdaq also fell sharply into the red.
Putin met with President Obama earlier Friday. The Russian president called their meeting "constructive," but added that "he doesn't agree with me, I don't agree with him."
Putin's comments come as Obama seeks international and domestic backing for military action against Syria in response to the Syrian's government's alleged use of chemical weapons against its own people last month.
August jobs report: Stocks had started the day higher following a lackluster August jobs report, as some investors now seem to think that the Federal Reserve may hold off on plans to start trimming its bond buying program later this month.
Investors had been eagerly awaiting the jobs report, as it is the last major piece of economic data leading up to the Fed's next meeting in less than two weeks.
The economy added 169,000 jobs last month, fewer than the 185,000 economists surveyed by CNNMoney were forecasting. The unemployment rate ticked lower to 7.3%, as expected, but the drop was due to a falling labor force participation rate. Job gains for both June and July were also revised lower.
Bond prices rose and Treasury yields fell following the jobs report, with the 10-year yield dipping to 2.9% from nearly 3%. (Bond prices and yields move in opposite directions.) Investors may be betting that the Fed will continue to buy $85 billion in bonds a month as opposed to pulling back on these purchases.
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"If there is a silver lining for investors, the jobs data give the Fed something to consider carefully before their impending decision on whether or not to begin tapering their bond purchase program," said Jim Baird, chief investment officer at Plante Moran Financial Advisors. Baird added that the jobs data "certainly doesn't point to an economy that is firing on all cylinders."
What's moving: Smith & Wesson (SWHC) shares tumbled after the gun maker reported a disappointing outlook for the current quarter.
Smithfield Foods (SFD, Fortune 500) shares edged lower after the meat processor posted a drop in earnings due to weak exports to Japan, China and Russia. The company announced an agreement earlier this year to be acquired by China's Shuanghui International, a deal now awaiting approval from the U.S. government.
Related: Greed & Fear Index wallows in fear
European markets were higher in afternoon trading. Asian markets ended with mixed results. Japan's Nikkei declined by 1.5% after a week of major gains. Hong Kong's Hang Seng index and the Shanghai Composite index each pushed higher. 
First Published: September 6, 2013: 9:46 AM ET
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