Stocks slip in midday trade after weak job growth

Stocks slump on Wall Street after reports suggest sluggish economic growth

Associated Press
Weak signals on the economy send stocks plunging
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FILE - In this Friday, May 31, 2013 file photo, trader Robert Moran, right, works on the floor of the New York Stock Exchange. Global stock markets fell Wednesday June 5, 2013 as signs the U.S. Federal Reserve might scale back its super-loose monetary policy caused investors to trim equity investments. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- The stock market is slumping after a handful of economic reports suggested that the economy is growing at a sluggish pace.

Private employers added fewer jobs last month than economists had forecast. Orders to U.S. factories were also weaker than expected.

Stocks edged lower in early trading and fell steadily during the morning.

By midday Wednesday the Standard & Poor's 500 index was down 13 points, or 0.8 percent, to 1,618. The index is 3 percent below the high of the year it reached on May 21.

Materials companies and bank stocks fell the most.

The Dow Jones industrial average was down 113 points, or 0.8 percent, at 15,061.

The Nasdaq composite fell 25 points to 3,419, a loss of 0.7 percent.

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