(By Salman - iStockAnalyst Writer)
US stocks finished with losses on Wednesday as investors were rattled by weak services sector and ADP data.
The Dow Jones Industrial Average fell 39.22 points or 0.42% to finish at 9,280.97. The S&P 500 retreated 2.93 points or 0.29% to end at 1,002.72. The Nasdaq Composite declined 18.26 points or 0.91% to 1,993.05.
The Institute for Supply Management's services index dropped to 46.4 in July from 47.0 in June. Economists had projected a rise to 48.0.
ADP survey on Wednesday reported that a total of 371,000 private-sector jobs were lost in July. Economists had projected a drop of 350,000 private sector jobs.
The Commerce Department said Wednesday that
US factory orders rose 0.4% in June.Economists had expected orders to fall 1%, following a gain of 1.1% in the previous month.
Early on Wednesday, Procter & Gamble (NYSE:
) fourth-quarter net income fell to $40 million, or 80 cents a share, from $66 million, or 92 cents a share, in the comparable period last year. Revenue dropeed 11% to $18.7 billion.Shares of the consumer giant tumbled $1.55 or 2.79% to close at $53.91.
Caterpillar Inc. (NYSE:
) plunged $1.25 or 2.61% to $46.64.
AT&T Inc. (NYSE:
) lost 54 cents or 2.06% to $25.73. Verizon Communication (NYSE:
) declined 59 cents or 1.85% to $31.27.
Shares of Bank of America (NYSE:
) jumped $1.02 or 6.52% to $16.66. American Express (NYSE:
) soared $1.65 or 5.75% to $30.36. JP Morgan Chase & Co.
