News Summary: Stocks drop on weak economic data

AP News
Posted: May 01, 2013 5:32 PM

SOFT PATCH: Stocks dropped on Wednesday after reports on manufacturing and hiring added to evidence that the economy is slowing.

KEEPING THEIR OPTIONS OPEN: The Fed reaffirmed its plan to keep stimulus going and said it could adjust its bond-buying program depending on the job market and inflation. That didn't stop the markets' slide. The Standard & Poor's 500 index finished close to 1 percent lower.

MAY DAY: The adage "Sell in May and go away" is never far from investors' minds at the start of this month. The Standard & Poor's 500 hasn't risen in May since 2009. In the last three years, spring rallies have been followed by sell-offs.