(MENAFN- ProactiveInvestors) U.S. stocks tumbled for a second straight session on Wednesday after a private sector jobs report fell short of estimates in February.
At the closing bell in New York the Dow Jones Industrial Average slid 106 points to settle at 18097 while the Nasdaq fell 13 points to end at 4967 and the S&P 500 lost 9 points to finish at 2099.
U.S. stocks also retreated on Tuesday falling from highs reached in the previous session when the Nasdaq closed above the 5000 mark for the first time in 15 years.
The first of two key jobs reports this week was released this morning with ADP saying that 212000 private sector jobs were added in February compared to expectations for 218000 and below January's revised gain of 250000. January's gain was originally reported as 213000.
The news comes ahead of the government's all-important monthly jobs report on Friday where economists expect nonfarm payrolls to have risen by 238000 down from a gain of 257000 in January.
Also on today's economic calendar the Institute for Supply Management said its non-manufacturing index edged up to 56.9 from 56.7 in January. The index was expected to slide to 56.1.
In the afternoon the Fed released its Beige Book the region-by-region assessment of the U.S. economy which described the economy as continuing "moderate expansion". Inflation was seen as flat or slightly increasing at most.
In corporate activity () fell more than 15% as despite posting a better-than-expected fourth quarter profit sales missed targets. Same store sales also fell 10%.
American Eagle Outfitters () meanwhile surged over 7.6% after its profit and revenue beat estimates.
() also rose 2.7% after the maker of digital video recorders reported quarterly profit three cents above estimates while revenue also beat forecasts on a rise in customer subscriptions.
Smith & Wesson () jumped almost 10% after it earned an adjusted profit of 20 cents in its latest quarter nine cents above Street estimates. Revenue also topped views and the company raised its guidance for the full year on renewed demand for consumer handguns.
In other news Target () said late yesterday that it will cut several thousand jobs over the course of the next two years as part of a $2 billion restructuring plan. The retailer also said it expects digital sales to increase 40% this year and same store sales to rise between 1.5% and 2.5%. Shares ended 0.4% lower on Wednesday.
() has rejected a request to change the way directors of its company are chosen. Activist investor Nelson Peltz's Trian Fund Management has been battling with the company for "universal proxy" which lets shareholders split votes between company-backed directors and those nominated by activists.
() dropped almost 4% after analysts at Merrill Lynch cut the stock rating to neutral from buy.
European markets finished higher today led by gains in Germany following a final estimate of a closely-watched survey of the region's services and manufacturing sectors. The composite reading of Markit's PMI came in at 53.3 in February weaker than the preliminary reading.
China's Shanghai Composite Index rose 0.5% after activity in the country's services sector grew slightly in February with HSBC's Services PMI rising to 52.0 from 51.8 in January while a sub-index showed new orders rising at their fastest pace in three months.
Crude oil futures in New York turned back up to finish higher on Wednesday despite a spike in weekly U.S. crude supplies as comments from Saudi Arabia's oil minister implied strength in demand for oil. Crude for delivery in April climbed $1.01 or 2% to settle at $51.53 a barrel on the New York Mercantile Exchange dropping below $50 a barrel after the EIA report earlier in the session. Gold for April delivery fell 0.3% to settle at $1200.90 an ounce on Comex.
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