Fears of economic slowdown hammers stocks

(AP) - Fears that the economy is stalling sent the DowJones industrial average down 280 points, erasing more than aquarter of the stock market's gains

NEW YORK - (AP) - Fears that the economy is stalling sent the DowJones industrial average down 280 points, erasing more than aquarter of the stock market's gains for the year. A pair of reports raised new doubts about the economy's strengthWednesday. A key manufacturing index fell from its April level. Andprivate employers added just 38,000 jobs in May, according topayroll processor ADP. Analysts had expected a growth of 180,000. Stocks fell broadly, with all 30 stocks in the Dow declining.The Dow lost 280 points, or 2.2 percent, to 12,290. The S&P fell31, or 2.3 percent, to 1,315. The Nasdaq fell 66, or 2.3 percent,to 2,769. Five stocks fell for every one that rose on the New York StockExchange. Consolidated volume came to 4.4 billion shares.

advertisement | advertise on News 12

Trending Video

A 21-year-old woman died after being shot in 1 Police: Woman fatally shot inside Bronx stairwell
News 12 the Bronx hit the streets to 2 Word on the Street: Paying for reserved parking
Word on the Street: Airline dress code 3 Word on the Street: Airline dress code
A 21-year-old woman died after being shot in 4 Police: Woman fatally shot inside Bronx stairwell
Crossfit isn't just for the gym, according to 5 Ready, Set, Fit: Crossfit at home

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE