The New York Times
Wednesday, June 1, 2011 -- 4:09 PM EDT
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Stocks Close Down More Than 2% on Bleak Economic Reports
Stocks on Wall Street slumped more than 2 percent and Treasury yields fell sharply on Wednesday as new economic statistics sent a bleak picture of the employment and manufacturing sectors.
A monthly report from ADP Employer Services, the payroll processing firm, said that private employers added 38,000 jobs in May, the smallest increase since last September. And an index of manufacturing fell to a 19-month low.
At the close, the Dow Jones industrial average was off 279.65 points, or 2.2 percent, at 12,290.14. The broader Standard & Poor's 500-stock index showed a similar decline.
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