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.

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