U.S. markets turned lower Wednesday after Automatic Data Processing said 532,000 private sector jobs were lost from April to May.
ADP also revised its March to April job loss estimate to 545,000, after previously estimating 491,000 jobs were lost a month ago. Factory orders rose 0.7 percent in April, the Census Bureau reported. But, non-manufacturing business activity declined in May, the Institute for Supply Management said.
By close, the Dow Jones industrial average dropped 65.59 points, or 0.75 percent, to 8,675.28. The Standard & Poor's (NYSE:MHP) 500 fell 1.37 percent, 12.98 points, to 931.76. The Nasdaq composite index lost 10.88 points, 0.59 percent, to 1,825.92.
On the New York Stock Exchange, 830 stocks advanced and 2,178 declined on a volume of 6.2 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 18/32 to yield 3.544 percent.
The euro rose to $1.4159, compared to Tuesday's $1.4155. Against the Japanese yen, the dollar held even, trading at 95.98 yen.
In Tokyo, the Nikkei average rose 0.38 percent, 37.36 points, to 9,741.67. In London, the FTSE 100 index shed 93.60 points, 2.09 percent, to 4,383.42.
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The markets had investors, day traders, domestic institutional investors plus foreign institutional investors in a tizzy during 2008. After seeing the highs in January and February of 2008 and thereafter with the financial realities coming to fore the remainder of 2008 was one low after the other where the Dow Jones fell below 7000 and post March-April 2009 the markets have started regaining some of the lost ground.
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