Weak economic reports send stocks sliding lower

Stocks slump following weak hiring, service industry reports; Dow has worst drop in a month

Associated Press
Weak economic reports send stock market lower
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FILE - In this , March 25, 2013, file photo, Specialist Geoffrey Friedman works on the floor of the New York Stock Exchange Monday. Stocks fell in early trading on Wall Street Wednesday, April 3, 3013, after reports on hiring and growth at service companies dampened optimism about the outlook for the U.S. economy. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are closing broadly lower following weak reports on the U.S. economy. The Dow Jones industrial average fell 111 points, its worst drop in more than a month.

The Dow ended at 14,550 Wednesday, a decline of 0.8 percent.

Other indexes fell more. The Standard & Poor's 500 fell 1 percent, or 16 points, to close at 1,553. The Dow and S&P closed at record highs the day before.

The Nasdaq lost 1.1 percent, or 36 points, to 3,218.

Small company stocks had the worst declines. The Russell 2000 fell 1.7 percent, or 15 points, to 918.

Hiring and service industry growth weakened last month.

Three stocks fell for every one that rose on the New York Stock Exchange. Volume was heavier than usual, 4 billion shares.

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