US stocks dropped on Thursday after the latest jobs and manufacturing data extended a string of lacklustre economic figures and raised concerns about the strength of the economic recovery. The September manufacturing data, added to worse-than-expected jobless claims released before the bell, overshadowed more positive reports on construction spending and pending home sales.
"(The drop is) sort of the sell-off everybody was looking for," said Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland. "The data just hasn't been very good, which sort of foreshadows into tomorrow." The Dow Jones industrial average dropped 144.96 points, or 1.49 percent, to 9,567.32. The Standard & Poor's 500 Index fell 19.64 points, or 1.86 percent, to 1,037.44. The Nasdaq Composite Index lost 50.35 points, or 2.37 percent, to 2,072.07. Technology stocks were among the worst performers. Microsoft Corp fell 2.8 percent to $25.00 after Goldman Sachs removed the stock from its Americas Conviction Buy list, saying Microsoft may have one more soft quarter.
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