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Stocks fall after downbeat economic news

May 31, 2012|By Andrew Tangel
  • U.S. stocks opened somewhat lower in the wake of downbeat economic data.
U.S. stocks opened somewhat lower in the wake of downbeat economic data. (Richard Drew / Associated…)

U.S. stocks slid in early trading on Wall Street following a mix of downbeat economic data and continuing worries over Europe's debt crisis.

The Dow Jones industrial average was down 47 points, or 0.4%, to 12,373 shortly after the opening bell.

The broader Standard & Poor's 500 index was down 9 points, or 0.7 %, to 1,305.

The tech-focused Nasdaq was down 22 points, or 0.8%, to 2,816.

The payroll processing firm ADP reported the U.S. gained 133,000  jobs in May, fewer than forecast, Bloomberg News reported. The federal government meanwhile reported an unexpected uptick in jobless claims.

The American economy grew less in the first quarter than previously estimated. Gross domestic product grew at a 1.9% annual rate in the first three months of the year, slower than 2.2% as previously measured, the U.S. Bureau of Economic Analysis said.

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