Major US stocks close lower

The Dow Jones Industrial Average dipped 87 points in early Wednesday trading and ultimately lost 10.75 points (0.08 percent) to 13,268.57 before closing, the Associated Press reported.

The Standard Poor’s 500-stock index fell 3.51 points (0.25 percent) to 1402.31.

Bank of America and J.P. Morgan Chase lost 1.8 percent and 1.3 percent respectively, while Alcoa dropped 2.4 percent. Chevron and Exxon Mobil also shed 1.2 and one percent each.

In one of the biggest losses in the US stocks, Chesapeake Energy plummeted 15 percent.

The collective decline came after an unexpectedly-weak report on private sector hiring in the country in April, combined with concerns over a worsening European economy.

The eurozone manufacturing Purchasing Managers’ Index (PMI) hit a 34-month record low and, in March, the unemployment rate rose to a Euro-era high of 10.9 percent.

MHB/MAB/AS/HN

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