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New York - Fears of Economic Slowdown Hammers Stocks

Published on: June 1, 2011 04:33 PM
By: AP
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New York - Fears that the economy is stalling sent the Dow Jones industrial average down 280 points, erasing more than a quarter of the stock market’s gains for the year.

A pair of reports raised new doubts about the economy’s strength Wednesday. A key manufacturing index fell from its April level. And private employers added just 38,000 jobs in May, according to payroll 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 fell 31, 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 Stock Exchange. Consolidated volume came to 4.4 billion shares.

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