June 3 (Bloomberg) -- U.S. stocks fell for the first time in five days, extending a global drop, as a report showed the nation lost more jobs than forecast, commodities slid and the Standard & Poor’s 500 Index traded at the most expensive in eight months.
“We’ve had a very strong move in a very short period of time and the economy certainly isn’t green-shooting in a way that justifies a lot of optimism,” said Michael Holland, chairman of New York-based Holland & Co. LLC, which oversees about $4 billion.
The S&P 500, which closed at a seven-month high yesterday, slid 1.4 percent to 931.76 at 4:12 p.m. in New York, paring a tumble of as much as 2.2 percent in the last half hour as bond yields extending their retreat. The Dow Jones Industrial Average lost 65.63 points, or 0.8 percent, to 8,675.24. The Dow yesterday briefly erased its 2009 loss for the first time since January. Seven stocks fell for every two rising on the New York Stock Exchange.
Jobs Concern
Economic data today showing deeper U.S. job losses and a worse-than-estimated contraction in service industries dragged shares lower. Companies in the U.S. cut an estimated 532,000 workers in May, according to a private report. A government release showed factory orders grew less than expected, while the Institute for Supply Management’s index of service industries was 44 last month, missing economists’ estimates.
The Labor Department’s monthly jobs report, scheduled for June 5, may show payrolls at companies and government agencies shrank by 520,000 in May and unemployment rose to a 25-year high of 9.2 percent, based on a Bloomberg survey of economists. more...
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