Wall Street retreats after four-day rally
Wall Street retreated Wednesday after a four-day rally on worse-than-expected economic data, Xinhua reported.
The ADP National Employment Report showed employment decreased by 532,000 in May versus a revised decline of 545,000 jobs in April, in line with expectations.
However, the U.S. Commerce Department said factory orders rose 0.7 percent in April, the second gain in the past three months, but the increase fell short of analysts' expectations.
And the Institute for Supply Management said its services index registered 44 in May, the slowest pace of contraction since October. However, the reading also came in below economists' estimates and marked the eighth straight monthly decline.
In corporate news, Aetna Inc., the third-largest U.S. health insurer, dropped 8.2 percent as the company cut its 2009 earnings forecast. Valero Energy Corp. tumbled 16 percent after saying it expects a second-quarter loss and it will sell shares.
The Dow Jones industrial average dropped 65.63 points, or 0.75 percent, to 8,675.24. The Standard & Poor's 500 index was down 12. 98 points, or 1.37 percent, to 931.76. The Nasdaq composite index declined 10.88 points, or 0.59 percent, to 1,825.92.