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Wall Street dips among dismal employment, earnings report

(Xinhua)
Updated: 2009-01-08 16:14

Wall Street sharply pulled back Wednesday, as ADP reported worse-than-expected job losses and big names posted dismal outlook.

The ADP National Employment Report, an unofficial gauge, said private sector employment fell by 693,000 in December 2008, worse than expected. The report added to growing anxiety about the upcoming December unemployment report from the US Labor Department on Friday.

Disappointing profit outlook from big names such as Alcoa and Intel also dragged down stocks.

Alcoa Inc, one of the world's largest aluminum makers, said late Tuesday it will reduce its global workforce by about 13,500, or 13 percent, by the end of the year and lower total output by more than 18 percent, as demand for the metal used in autos and appliances dropped. Alcoa's announcement reminded the market that the economy remains in a tough situation.

Intel Corp, the world's largest chipmaker, said fourth-quarter sales dropped 23 percent, missing previous estimate and sending the stock down 3.7 percent.

The Dow Jones fell 160.81 to 8,854.29. Broader indexes also moved lower. The Standard & Poor's 500 index lost 17.86 to 916.84; and the Nasdaq slipped 36.51 to 1,615.87.