04 May '11, 9pm

US stocks drop after economic data disappoints

NEW YORK: US stocks dropped on Wednesday following disappointing new data on US job creation and the important services sector and a sharp decline in oil prices. The blue-chip Dow Jones Industrial Average tumbled 83.93 points (0.66 percent) to finish trade at 12,723.58. The broader S&P 500 index fell 9.30 points (0.69 percent) to 1,347.32, while the tech-rich Nasdaq Composite slid 13.39 points (0.47 percent) to 2,828.23. "US equities finished in the red, but off the lowest levels of the day, as investors were discouraged by an unexpected drop in a read on US service-sector activity and a smaller-than-expected increase in private-sector payrolls," Charles Schwab analysts said in a client note. Payrolls firm ADP reported before the market opened that private companies added 179,000 jobs, slowing from 207,000 net new jobs in March. Analysts had projected that non-farm payroll...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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