Wall Street is jittery over a new jobs report by the Labor Department that showed unemployment fell 9.7 percent in January.

However, the government also reported that employers slashed 20,000 jobs. That's 5,000 more jobs than analysts expected.

Stocks plummeted amid fears that the unemployment rate won't be going down anytime soon. The Dow Jones industrial average lost almost 270 points to close right above the 10,000 mark.

"We are turning the corner," Nigel Gault, an economist for IHS Global Insight, told the New York Times. "But the gains will probably not be big enough to make serious inroads into the unemployment rate for some time."

President Obama said that while the U.S. economy is growing, it's not adding jobs.

Now he's pressing Congress to write new legislation to create jobs, by spending more on roads and bridges and giving tax breaks to small businesses.