Wall Street tumbled yesterday a day after Election Day rally as negative
economic data stirred investors' worries about a possibly severe recession.
ADP Employer Services reported Wednesday that companies in the US cut 157,000
jobs in October, the most in nearly six years. The decline was larger than
economist previous estimates.
Moreover, the US Institute for Supply Management posted that
non-manufacturing index dropped to 44.4 in October from 50.2 in September.
Economists had estimated a smaller decline to 47.
Investors were also uneasy in advance of the Labor Department's October
employment report, to be issued tomorrow.
The Dow Jones Industrial Average fell 486.01, or 5.05 percent, to 9,139.27.
The S&P 500 index fell 52.98, or 5.27 percent, to 952.77. The Nasdaq
composite index fell 98.48, or 5.53 percent, to 1,681.64.