Summary Box: Stocks drop on economic fears

AP News
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Posted: Jun 01, 2011 5:21 PM
Summary Box: Stocks drop on economic fears

JOBS SURPRISE: Private companies added just 38,000 jobs in May, payroll processor ADP said. Economists had expected a growth of 180,000.

DOWNWARD REVISIONS: ADP's figure, combined with weak auto sales in May, led several asset managers to lower their economic expectations for the year. JP Morgan was among a handful of investment banks that downgraded their expectations for GDP.

BIG DROP: The Dow lost 279.65 points, its biggest point drop in a year and the largest percentage drop since August. The S&P fell 2.3 percent. The Nasdaq dropped 2.3 percent as well.