US stocks were lower for a third straight session on Wednesday, with the S&P 500 briefly dropping under a key technical level amid concerns over the pace of global economic growth. China's services sector growth weakened slightly in September as new business cooled in the world's second-largest economy. That follows weak industrial data out of Germany, the euro zone's growth engine.
"Investors have become nervous that the weakness in Europe could spread to the US, notwithstanding the fact that US jobs growth is continuing at a very healthy clip," said Charles Lieberman, chief investment officer of Advisors Capital Management, LLC in Hasbrouck Heights, New Jersey. The day's losses were broad, though cyclical shares - which are tied to the pace of economic growth - were the hardest hit. Material stocks fell 0.9 percent while energy lost 1.4 percent alongside a 1.6 percent drop in the price of crude oil. The Dow Jones industrial average was rising 26.11 points, or 0.16 percent, to 16,745.5, the S&P 500 was losing 0.24 points, or 0.01 percent, to 1,934.86 and the Nasdaq Composite was dropping 5.84 points, or 0.13 percent, to 4,379.36.
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