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Stocks close lower for fifth straight week

The Dow closed down more than 90 points after the Department of Labor released a discouraging jobs report on Friday

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"Arguing about the merits of whether QE3 would be a good idea, is irresponsible right now," said Todd Schoenberger, managing director at LandColt Trading. "It would be proactive for the FOMC to discuss, and develop a strategy for implementing QE3; because it's painfully clear the United States is headed for a very messy second half of 2011."

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There's a feeling, Schoenberger added, that the selling pressure will continue.

"It makes you very nervous as an equities trader going into this summer. There's not even a feeling of caution anymore, it's an uneasy nervousness that a lot of us will be carrying for a little while now," he said.

Stocks pared some losses following the ISM's report that the pace of growth in the services sector picked up modestly in May while gauges of new orders and employment climbed.

Tech stocks were in the red with semiconductors such as Marvell Tech, Nvidia and Broadcom sliding broadly.

Research In Motion sagged after at least two brokerages cut price targets on the BlackBerry maker amid concerns over the firm's inability to tackle competition from rivals Apple and Google.

But the energy sector gained, led by oil services companies after the CEO of Baker Hughes said he expects the second half the year to be better.

Halliburton also climbed after RBC raised its price target on the oil driller to $65 from $60.

Chevron ticked higher even after news of an explosion at the firm's oil refinery in southwest Wales. The oil giant also said the sale of the facility to Valero Energy remains on track, and its output was not affected, according to reports.

Wal-Mart gained slightly after the big-box retailer's board approved a new share buyback program worth $15 billion to replace its existing program.