Stocks slip after weak reports on hiring, services
Stocks fall after payroll processor ADP says hiring slowed in March; service sector weakens
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) -- Signs of weakness in the job market and service businesses are sending stocks lower on Wall Street.
The Dow Jones industrial average fell 50 points, or 0.4 percent, to 14,610 in midday trading. The Standard & Poor's 500 index was down eight points, or 0.5 percent, to 1,561. Both indexes closed at record highs the day before.
The Nasdaq composite fell 15 points, or 0.5 percent, to 3,239.
Payroll processor ADP reported that companies added fewer jobs in March than they did in February.
Meanwhile growth in U.S. service industries like finance, health care and retail slowed last month and was weaker than economists were expecting.
ConAgra Foods fell 1 percent to $35.27 after its financial results fell short of what Wall Street analysts were expecting.
