US stocks retreat on weak economic data

(MENAFN- AFP) US stocks dropped Wednesday after weak economic indicators halted the market's upward momentum of recent weeks.At the closing bell, the Dow Jones Industrial Average sank 111.66 (0.76 percent) to 14,550.35.The broad-based S&P 500 drooped 16.56 (1.05 percent) to 1,553.69, while the Nasdaq Composite Index gave up 36.26 (1.11 percent) at 3,218.60.The losses came one day after both the Dow and the S&P 500 recorded new all-time closing records.Alan Skrainka of Cornerstone Wealth Management said the disappointing economic reports -- on private-sector jobs growth and service sector activity -- provided an occasion for the market to pause after reaching recent peaks."The market is looking for any signs to pull back from such a strong rally over the past several weeks," Skrainka said. "I don't think that one day makes a trend. It is certainly natural to see a pullback of this magnitude."