Bloomberg News

U.S. Stocks Drop After Service Industry Growth Trails Estimates

May 03, 2012

U.S. stocks retreated after an industry report showed growth in service industries slowed in April, trailing economists’ estimates.

The Standard & Poor’s 500 Index lost 0.3 percent to 1,398.24 at 10:02 a.m. in New York.

The Institute for Supply Management’s index of non- manufacturing industries, which account for almost 90 percent of the U.S. economy, decreased to 53.5 in April from 56 a month earlier. Economists had predicted a reading of 55.3, according to the median estimate in a survey.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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