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U.S. stocks ended lower on Thursday,weighed down by disappointing data on service sector, as investorswere cautiously awaiting Friday's key payrolls report. When the market closed, the Dow Jones industrial averagedropped 61.98 points, or 0.47 percent, at 13,206.59. The Standard&Poor's 500 was down 10.74 points, or 0.77 percent, to1,391.57. The Nasdaq Composite Index lost 35.55 points, or 1.16percent, at 3,024.30. Stocks began to retreat after a report from the Institute forSupply Management showed the pace of growth in the U.S. servicessector slowed more than expected in April and new orders dropped. The ISM's non-manufacturing purchasing managers' index came inat 53.5 last month, down from 56.0 in March. Cautiousness clearly prevailed on Wall Street before thegovernment is set to announce its highly anticipated payrollsreport on Friday. Right now, economists were expecting the economy to add as manyas 168,000 jobs in April and the unemployment rate to stayunchanged at 8.2 percent. Earlier on Thursday, the Labor Department said the number ofpeople applying for unemployment benefits dropped 27,000 to aseasonally adjusted 365,000 last week, far more than economists hadexpected. The sharp decline in initial claims was a hopeful sign beforegovernment's monthly payroll data due on Friday, but investors werecautious as Wednesday's ADP data indicated that private sectoradded only 119,000 jobs in April, about half of the March figure,which added to fears that hiring has slowed considerably in recentmonths. Among stocks in focus, Green Mountain saw its market valueevaporate nearly 50 percent after the coffee roaster said it willsell less products this year, reigniting serious concerns over itsgrowth prospects going forward. Meanwhile, Facebook has set its IPO price ranges between high20s to mid 30s on Thursday, which put the valuation of the socialnetwork company at 85 billion to 95 billion dollars, lower than theprevious expectation of around 100 billion dollars. In other markets, the dollar gained for the fourth straight dayagainst the euro after the European Central Bank gave an upbeatassessment of the region's economy but left the door open forpolicy easing. Crude prices tumbled on Thursday amid weak data and strongdollar. Light, sweet crude for June delivery fell 2.68 dollars, or2.55 percent to settle at 102.54 dollars a barrel on the New YorkMercantile Exchange. I am an expert from medicallasermachines.com, while we provides the quality product, such as Co2 Pixel Laser , China High Frequency Skin Care Machine, Diode Laser Systems,and more.
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