Business

Weak economic reports send stock market lower

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Weak reports on hiring and service industries pounded stocks, giving the Dow its worst day in over a month. Both the Dow and S&P 500 closed at record highs Tuesday. Losses were widespread. All 10 S&P 500 industry groups fell. Banks and energy stocks had the worst losses. Utilities, which investors view as safe bets, fell the least. The Russell 2000, which tracks small-company stocks, fell a third straight day. It’s now down 3.5% this week, far worse than the declines in the Dow, 0.2%, and the S&P, 1% — a sign investors may be getting more bearish about the US economy. Small companies rely far more on domestic sales than do the global giants.

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