Stocks close lower ahead of jobs report Previewing how tomorrow's jobs report might move the markets, with John Ryding, RDQ Economics; Michael Ryan, UBS; Thomas Belesis, John Thomas Financial CEO; and the "Closing Bell," weigh in. Stocks closed Thursday lower, stalling after the biggest three-day rally of the year as investors geared up for a jobs report that is likely to show Europe's crisis is weighing heavily on the U.S. economy. The market was unimpressed by China, Europe and Britain all loosening monetary policy. Stocks also derived little benefit from reports showing hopeful signs on U.S. hiring since investors give more weight to the monthly payrolls report due on Friday. Financial stocks weighed on Wall Street. News that the U.S. service sector slowed to a 2 1/2-year low in June was in line with investor fears that the euro zone debt crisis was sapping global growth. Traders booked gains from the strong run that began Friday and extended through Tuesday. U.S. markets were shut on Wednesday for the Independence Day holiday. Economists do not expect the payrolls report for June to dispel concerns that the recovery is losing steam. Europe's debt debacle has sapped the strength of the global economy and some worry Thursday's central bank actions indicate they are fighting a losing battle. "There are desperate moves being taken by central banks all around the world that are trying to put a finger in this giant dike of debt and they really don't know what to do or how to do it," said Tom Alexander, head of Alexander Trading in Savannah, Georgia. You've got all sorts of uncertainty that is still lingering.... Financials have often taken the brunt of selling during the European crisis, though they also enjoyed a good run during the recent rally. The genesis of the economic decline we're seeing is Europe. It is spilling everywhere," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco. Meanwhile, Spain's difficulties increased, with its 10-year borrowing costs rising despite the euro zone's latest plan to help the region's troubled economies. Costco Wholesale Corp, Macy's Inc, Kohl's Corp and Target Corp were among the retail chains that reported disappointing June sales at stores open at least a year.