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What are investors to make of ugly jobs report?

Friday's nonfarm payrolls report stunned Wall Street, which had been trading on the notion that the economy was on a steady trajectory higher.

Whether it was just the weather or something worse, stocks moved lower in the afternoon as investors began to wonder whether the Federal Reserve had gotten ahead of itself in reducing its monthly stimulus program.

It was setting up to the first losing day for the market after eight-straight positive "Jobs Fridays."

CNBC's Patti Domm and Jeff Cox sort out of the ramifications in the accompanying video.

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Wall Street