Wall Street down on economic data

June 3, 2009 4:53:53 PM PDT
The problem with rising expectations is that it gets tougher to beat them. Investors have broken the stock market's four-day rally Wednesday after U.S. data on the services industry and factory orders came in below forecasts.

Factory orders actually rose in April, but the report was a disappointment because investors anticipated a larger increase.

According to preliminary calculations, the Dow Jones industrial average is down 64.99, or 0.7 percent, at 8,675.88. The Standard & Poor's 500 index is down 12.97, or 1.4 percent, at 931.77. The Nasdaq composite index is down 10.88, or 0.6 percent, at 1,825.92.

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