Investing.com - U.S. stocks fell on Wednesday after a private-sector jobs report missed expectations, sparking fears official data will disappoint on Friday.
Soft service-sector data pushed down prices as well, while many investors sold and jumped to the sidelines to await quarterly earnings, which will begin hitting the wire next week.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.76%, the S&P 500 index fell 1.05%, while the Nasdaq Composite index fell 1.11%.
The Institute of Supply Management reported earlier that its non-manufacturing purchasing managers' index fell to 54.4 in March from 56.0 in February.
Analysts had expected the index to decline to 55.8 last month.
Separate industry data revealed that the U.S. private sector added fewer jobs than expected last month.
Payroll processor ADP reported earlier that nonfarm payrolls increased by 158,000 in March, well below expectations for a gain of 200,000, following an upwardly revised increase of 237,000 in February.
The numbers sparked concerns that Friday's official March jobs report may miss earlier expectations for a pickup in job creation.
Aluminum giant Alcoa will kick off earnings season on April 8, and uncertainty as to how companies performed during the previous quarter sent stock prices falling on Wednesday as investors opted to wait on the sidelines.
Many investors also sold stocks for cash to pay their annual tax bills, while San Francisco Federal Reserve Bank President John Williams said monetary stimulus measures could wind down later this year, which also pushed equities prices lower.
Leading Dow Jones Industrial Average performers included Merck, up 1.02%, Boeing, up 0.32%, and United Technologies, up 0.22%.
The Dow Jones Industrial Average's worst performers included JPMorgan Chase, down 2.88%, Bank of America, down 2.72%, and American Express, down 2.05%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 1.52%, France's CAC 40 fell 1.32%, while Germany's DAX 30 finished down 0.87%. Meanwhile, in the U.K. the FTSE 100 finished fell 1.08%.
On Thursday, the U.S. is to release the weekly government report on initial jobless claims.
Federal Reserve Chairman Ben Bernanke is to speak in public, and his comments will be closely watched for any indications on the future possible direction of monetary policy.
Soft service-sector data pushed down prices as well, while many investors sold and jumped to the sidelines to await quarterly earnings, which will begin hitting the wire next week.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.76%, the S&P 500 index fell 1.05%, while the Nasdaq Composite index fell 1.11%.
The Institute of Supply Management reported earlier that its non-manufacturing purchasing managers' index fell to 54.4 in March from 56.0 in February.
Analysts had expected the index to decline to 55.8 last month.
Separate industry data revealed that the U.S. private sector added fewer jobs than expected last month.
Payroll processor ADP reported earlier that nonfarm payrolls increased by 158,000 in March, well below expectations for a gain of 200,000, following an upwardly revised increase of 237,000 in February.
The numbers sparked concerns that Friday's official March jobs report may miss earlier expectations for a pickup in job creation.
Aluminum giant Alcoa will kick off earnings season on April 8, and uncertainty as to how companies performed during the previous quarter sent stock prices falling on Wednesday as investors opted to wait on the sidelines.
Many investors also sold stocks for cash to pay their annual tax bills, while San Francisco Federal Reserve Bank President John Williams said monetary stimulus measures could wind down later this year, which also pushed equities prices lower.
Leading Dow Jones Industrial Average performers included Merck, up 1.02%, Boeing, up 0.32%, and United Technologies, up 0.22%.
The Dow Jones Industrial Average's worst performers included JPMorgan Chase, down 2.88%, Bank of America, down 2.72%, and American Express, down 2.05%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 1.52%, France's CAC 40 fell 1.32%, while Germany's DAX 30 finished down 0.87%. Meanwhile, in the U.K. the FTSE 100 finished fell 1.08%.
On Thursday, the U.S. is to release the weekly government report on initial jobless claims.
Federal Reserve Chairman Ben Bernanke is to speak in public, and his comments will be closely watched for any indications on the future possible direction of monetary policy.