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A gloomy U.S. jobs report and signs of a global economic slowdown hammered Wall Street Friday, wiping out the stock market’s gains for 2012 and leaving investors wondering where to turn.

The Dow Jones industrial average sank 275 points, or 2.2 percent, chalking up its biggest one-day drop since November. The market index closed down 0.8 percent for the year and off 2.7 percent for the week.