Discouraging data drops stocks

May 31, 2012 at 5:33 PM   |   Comments

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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.

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