facebook
twitter
rss
account
search
search
 

Discouraging data drops stocks

May 31, 2012 at 5:33 PM   |   Comments

| License Photo
NEW YORK, May 31 (UPI) -- U.S. markets closed lower Thursday, as data on jobs and the gross domestic product undermined confidence.

Payroll firm Automatic Data Processing Inc.'s report on private-sector jobs came in with job gains below expectations.

ADP, issuing a report delayed by a day due to the Memorial Day holiday, said 133,000 jobs were added to the economy in May, 20,000 more than the downwardly revised April figure of 113,000 but less than the consensus forecast of 148,000.

The Commerce Department revised its first quarter gross domestic product estimate lower, from 2.2 percent growth to 1.9 percent.

By close of trading on Wall Street, the Dow Jones industrial average shed 26.41 points, or 0.21 percent, to 12,393.45. The Standard & Poor's 500 lost 2.99 points, or 0.23 percent, to 1,310.33. The Nasdaq Composite dropped 10.02 points, 0.35 percent, to 2,827.34.

On the New York Stock Exchange, 1,468 stocks advanced and 1,564 declined on a volume of 3.8 billion shares traded.

The benchmark 10-year treasury note rose 18/32 to yield 1.563 percent.

The euro fell to $1.236 from Wednesday's $1.2366. Against the yen, the dollar hit 78.36 from 79.07 yen.

In Tokyo, the Nikkei 225 index dropped 1.05 percent, 90.46 points, to 8,542.73.

In London, the FTSE 100 index added 0.18 percent, 9.67, to 5,306.95.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
BAE Systems wins naval support contract BAE Systems wins naval support contract
2
Kurds pledge to protect oil and gas assets Kurds pledge to protect oil and gas assets
3
U.S. funds advanced solar energy research U.S. funds advanced solar energy research
4
Verizon backing off plan to slow unlimited data Verizon backing off plan to slow unlimited data
5
Huntington Ingalls Industries cuts steel for new destroyer Huntington Ingalls Industries cuts steel for new destroyer
Trending News
x
Feedback