- Associated Press - Wednesday, May 4, 2011
NEW YORK — Stocks closed lower after two reports raised doubts about the economy’s strength.

Payroll processor ADP said companies added 179,000 new jobs in April, far fewer than economists had expected.

In a separate report, the Institute for Supply Management said its service sector index rose at the slowest pace in 8 months in April.

The Dow Jones industrial average fell 84 points, or 0.7 percent, to close at 12,724. The average of 30 large companies is still up 10 percent for the year.

The S&P 500 index fell 9 points, or 0.7 percent, to 1,347.

The Nasdaq composite index fell 13, or 0.5 percent, to 2,828.

More than two shares rose for every one that fell on the New York Stock Exchange. Trading volume was 4.6 billion shares.


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