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US stocks slump following weak hiring, service industry reports; Dow has worst drop in a month
NEW YORK, N.Y. – Stocks are closing broadly lower following weak reports on the U.S. economy. The Dow Jones industrial average fell 111 points, its worst drop in more than a month.
The Dow ended at 14,550 Wednesday, a decline of 0.8 per cent.
Other indexes fell more. The Standard & Poor’s 500 fell 1 per cent, or 16 points, to close at 1,553. The Dow and S&P closed at record highs the day before.
The Nasdaq lost 1.1 per cent, or 36 points, to 3,218.
Small company stocks had the worst declines. The Russell 2000 fell 1.7 per cent, or 15 points, to 918.
Hiring and service industry growth weakened last month.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was heavier than usual, 4 billion shares.
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