Dow drops more than 500 points on weak data

U.S. stocks dropped for the second straight day, with the Dow Jones Industrial Average falling more than 500 points at midday Wednesday, as more data added to concerns of a slowdown in the world’s largest economy. The ADP Employment Report showed fewer-than-expected workers were hired in September, spooking investors ahead of Friday’s more comprehensive Labor Department report. Investors had already been on edge after a report on Tuesday from the Institute for Supply Management showed the U.S. manufacturing sector in the midst of its worst slump in more than a decade. This week’s bad economic news has led to a disappointing start to the last quarter of the year – the first two days of October wiping out all of the third-quarter gains for the Dow and S&P 500. President Donald Trump, meanwhile, blamed the downturn on the House impeachment probe, saying in a tweet on Wednesday that it’s driving stocks and Americans’ 401Ks down and that Democrats “are willing to hurt the Country, with only the 2020 Election in mind!”

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