Dismal jobs report pushes Dow into 275-point plunge.

Weak jobs report, other data weigh on market, erasing the year’s gains.

Alarmed by an ominously weak U.S. jobs report, investors ran for safety Friday from new worries about a global slowdown, sending the Dow Jones industrial average into a 275point dive, the index’s biggest loss since last November.

The selloff wiped out the last of the index’s gains for the year.

Across Wall Street, investors rushed to safer investments such as bonds, taking the yield on the benchmark 10-year Treasury note to a record low. Gold spiked $50 an ounce, and oil fell to its lowest since October.

“The big worry now is that this economic slowdown is widening and accelerating,” said Sam Stovall, chief equity strategist at S&P Capital IQ.

The Standard & Poor’s 500 index and Nasdaq composite index both fell more than 2 percent. The Nasdaq has dropped more than 10 percent since its peak — what traders call a market correction. The S&P 500 is a point above correction territory.

U.S. employers added just 69,000 jobs in May, the fewest in a year, and the report also said hiring in March and April was considerably weaker than originally thought.

Data also showed weak economic conditions in Europe and Asia. There were fresh signs that growth in China, which helped sustain the global economy through the recession, is slowing significantly.

The Dow closed down 274.88 points, or 2.2 percent, at 12,118.57. The S&P 500 index fell 32.29 points, or 2.5 percent, to 1,278.04. The Nasdaq dropped 79.86, or 2.8 percent, to 2,747.48. Both indexes are still up for the year — 1.6 percent for the S&P 500 and 5.5 percent for the Nasdaq.

The yield on the 10-year U.S. Treasury note briefly fell to 1.44 percent, the lowest on record. And gold for August delivery climbed $57.90, nearly 4 percent, to $1,622.10 per ounce.