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Stocks slip after weak reports on hiring, services

Published April 3, 2013 8:51 am

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

NEW YORK • 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.