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U.S. Stocks Wither 4% As Data On Producers Fuel Recovery Doubts; All Eyes On Friday Job Data; Retreat mirrors setbacks in Japan, Europe markets as economy worries many.(A)
Byline: CHRISTINA WISE
Stocks posted their steepest losses since July, crumpling Tuesday under the weight of lackluster economic data and news of sharp drops on foreign markets.
The major indexes opened weak and ground lower as the day wore on. By the close, the Dow shed 355.45 points, or 4.1%, and the S&P 500 38.05 points, or 4.2%. The Nasdaq gave up 51.01 points, or 3.9%. Volume picked up from Friday's pre-holiday levels, but remained light.
Figures from the Institute of Supply Management showed manufacturing activity inched forward again in August, falling short of forecasts.
The group's index stood at 50.5, the same level as in July and lower than the 52 analysts expected. Scores above 50 signal expansion, below 50 contraction. The ISM data showed production rose, but new orders slowed.
The news on the job front was no better. Recruitment firm Challenger, Gray & Christmas said layoff announcements surged in August to 118,067. That's 46% higher than the month before and the third-highest number this year.
Further pressure on U.S. markets came from their foreign cousins. Before U.S. trading opened, Tokyo's Nikkei stock market average slid 3.2% to an 18-year low.
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