Wall St drops ahead of data
US stocks fell yesterday as economic data sent mixed signals on the recovery a day before the April payrolls report, while shares of Green Mountain plunged after poor results.
Slower-than-expected growth in the dominant US services sector drove the day’s trading. The retail sector dragged the market lower after several chains, including Target and Gap, fell after missing April sales estimates.
The Dow Jones industrial average dropped 61.98 points, or 0.47 per cent, to 13,206.59 at the close. The Standard & Poor’s 500 Index fell 10.74 points, or 0.77 per cent, to 1,391.57. The Nasdaq Composite Index lost 35.55 points, or 1.16 per cent, to 3,024.30. With yesterday’s decline, the S&P 500 has fallen close to its 50-day moving average of around 1,386.48.