Weekly Roundup: The best of MarketWatch: May 28-June 1

	Weekly Roundup JUNE 01, 2012 The best of MarketWatch: May 28–June 1 By MarketWatch The market's behavior in May lent credence to the wisdom of Wall Sreet's sell-in-May-and-go-away adage, with stocks and other asset classes enduring their worst month in a long while. What's worse, the people who stayed around, and in portfolio-liquidation mode, did not confine their actions to May, continuing to sell through the kickoff of a new month. Friday's session, in fact, saw the Dow industrials (DJIA) turn negative for 2012.   And, our Mark Hulbert writes in The Tell, the weekend is unlikely to quell their disdain for equities in specific. No, Mark says, an avalanche of sell orders will be awaiting the markets Monday, as investors react to the S&P 500's (SPX) having breached its 200-day moving average. The Tell: Watch for an avalanche of sell orders Monday . It's all enough to make Wall Streeters wish they, like their London counterparts, were participating in the Diamond Jubilee holiday break that stretches clear through Tuesday. See slide show of the U.K.'s preparations for the queen's jubilee celebration and Shawn Langlois's London Sketch: God save the queen, ignore the economy . With the Dow capping the Memorial Day–abbreviated week with its most dramatic one-day decline since Nov. 9, the blue-chip index dropped 2.7% for the week. The S&P, fading 2.5% Friday alone and finding itself in correction territory on an intraday basis, gave up 3% this week. The Nasdaq Composite (COMP) retreated 3.2% on the week. See Thursday's Market Snapshot for a recap of May's market performance and also see a slide show and reader poll on the people who contributed to May's market misery . Check out MarketWatch this weekend for coverage of breaking news, developing stories and features on how your social-media behavior can land you in hot water at your workplace and how to buy REITs in a crowded market . And get ready for the coming market week — and for the remainder of June — with our preview video reports:  U.S.'s week ahead: ISM data and McDonald's sales .  Trading Strategies for June: The Summer Slowdown .  Europe's week ahead: All eyes on ECB and PMIs .  Asia's week ahead: Japan, India rates in focus . — Tim Rostan, managing editor U.S. economy creates just 69,000 jobs in May   The U.S. economy in May generated its fewest new jobs in a year, and the unemployment rate ticked up, the strongest signs yet that the labor market and economy as a whole have cooled. Wall Street reacted harshly. See full story on Friday's nonfarm-payrolls report . A ray of hope from (of all places) Detroit Desperately seeking a positive economic indicator? You're not alone. May was a horrible month for stock investors. But cheer up, writes Jim Jelter: The U.S. car industry is doing fine. First Take: Car sales shine through economic clouds . Crude-oil futures slide 8% on week Crude-oil futures settled below $84 a barrel Friday, losing more than 8% for the week as the latest economic data from the U.S., China and Europe dulled global prospects for energy demand. See Futures Movers for the whole story on crude oil's recent slump . Aussie hamstrung by rate expectations and global economy A weak U.S. employment report helped support the Australian dollar on Friday, distracting markets briefly from sluggish domestic economic data and the brewing debt crisis in Europe that took the currency to its lowest level since November. The aussie, which hasn't closed under 96 U.S. cents since late November, fell as low as 95.80 U.S. cents after a gauge of Australian manufacturing activity fell in May to a nine-month low. See Market Extra story on the Australian dollar's decline . Spain, the euro, and barriers to exit Barbara Kollmeyer/MarketWatchMadrid meat vendor Gregorio Cifuentes displays the price of an item in euros and then translated into pesetas. MarketWatch's Barbara Kollmeyer spoke with Madrid merchants and shoppers, as well as economists, to gauge their appetite for a return to the peseta. What she found is that, while many recall fondly Spain's pre-euro days, barriers to exit are formidable, and an alternative version of their country's future is no less daunting. See full story: For Spain, there's no going back to the peseta . Adios, España? In contrast to the people Barb spoke with in Madrid, columnist Matthew Lynn lays out the case that Spain is actually quite likely to exit the euro — likelier, in fact, than is Greece. See Matthew Lynn's London Eye: 6 reasons Spain will leave the euro first . Grexit and then ... grally MarketWatch's editor-in-chief, David Callaway, meanwhile, makes the case that, if and when a euro-zone member leaves the fold, it'll be Greece. What's more, it'll herald a rally. David Callaway: Markets will rally when Greece leaves euro . No appetite for public-works ambition When MarketWatch commentary editor and columnist Rex Nutting was growing up in the 1960s and 1970s, the legacy of the Great Depression was everywhere: dams, bridges, roads, airports, courthouses and even picnic areas and hiking trails. Leaders of that dire time — Democrats and Republicans — had taken advantage of the crisis to put millions of Americans back to work, building the infrastructure that we still rely on today. This time, however, we're not so fortunate. Instead of picking up the shovel and getting to work, we've thrown the shovel aside. Rex Nutting: Investments in the future have dried up . Apple's Cook not trying to fill Jobs's shoes Apple (AAPL) Chief Executive Tim Cook said at the D10 conference in Southern California that doesn't see himself as a replacement for Steve Jobs, nor does he see the iconic consumer-electronics company moving into new areas like media content, or owning a wireless network. Full story: Apple CEO Tim Cook says focus remains on products . Ron Johnson's losing hand at Penney J.C. Penney has been playing chicken. And losing. The midprice department-store operator earlier this year brought in a new chief executive with a sparkling pedigree and the potential for a dazzling new retail concept. The early returns are in, and they're not good. Or bad. Because they're awful. MarketWatch First Take: J.C. Penney buckles under pressure . Get the latest news on our mobile site: http://www.marketwatch.com/m MarketWatch has sent you this newsletter because you signed up to receive it. 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