Wall Street Stocks Close Lower
(NEW YORK) — Some dismal jobs and factory output data caused stocks to plummet Wednesday.
The Dow Jones Industrial Average closed down 138.85 points at 14,700.95. It was the worst start to a month since June of last year. The Nasdaq Composite lost 29.66 points for the session, closing at 3,299.13. The S&P 500 gave up 14.87 points to finish at 1,582.70.
Economic data about jobs and manufacturing did little to help the markets Wednesday. Payroll processor ADP says private employers added just 119,000 jobs last month and that March hiring was slower than initially thought. The April unemployment numbers are due out on Friday.
As for manufacturing, factory output fell in April to its lowest level this year, though matching early expectations.
In corporate earnings, Facebook’s first-quarter earnings beat forecasts. The social networking company reported a profit of $219 million. Shares in the company had fallen 1.22 percent prior to Wednesday evening’s earnings announcement. On Tuesday, however, Facebook stock had advanced 8.1 percent to cap an eight-session winning streak, according to the Wall Street Journal.
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