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Stocks Hammered by Fears of Economic Slowdown

By Associated Press

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NEW YORK (AP) — Fears that the economy is stalling sent the Dow Jones industrial average down 280 points, erasing more than a quarter of the stock market's gains for the year.

A pair of reports raised new doubts about the economy's strength on Wednesday. The ISM report, a key manufacturing index, fell from its April level. And private employers added just 38,000 jobs in May, according to payroll processor ADP. Analysts had expected a growth of 180,000.

Stocks fell broadly, with all 30 stocks in the Dow declining. The Dow lost 280 points, or 2.2%, to 12,290. The S&P fell 31, or 2.3%, to 1,315. The Nasdaq fell 66, or 2.3%, to 2,769.

Five stocks fell for every one that rose on the New York Stock Exchange. Consolidated volume came to 4.4 billion shares.