News Summary: Economic reports send stocks lower

AP News
Posted: Apr 03, 2013 5:02 PM

SIGNS OF SOFTNESS: Reports of slower hiring and weak growth in U.S. service industries gave the stock market a jolt Wednesday. The reports came two days after news that U.S. manufacturing growth slowed unexpectedly last month.

BROAD SELL-OFF: All 10 industry groups in the S&P 500 fell. Commodities like oil and copper also declined as investors' enthusiasm about the economic recovery cooled.

BUCKING THE TREND: Abercrombie & Fitch, which runs teen-oriented clothing stores, gained 3.8 percent to $47.20 after the company said it planned to expand overseas and increase its focus on cost control.