NEW YORK—U.S. stocks slid after the Philadelphia Fed August business index unexpectedly dropped and an index of leading indicators rose less than predicted, adding to mounting concerns over the stagnant labor market.
The Dow Jones Industrial Average fell 145 points, or 1.4% to 10271. The Nasdaq Composite fell 1.3% to 2187. The Standard &; Poor’s 500-share index fell 1.5% to 1078.
Economic data released Thursday darkened the outlook for the economic recovery. The Philadelphia Fed index came in at negative 7.7, rather than the positive 7.0 reading economists were expecting.
Separately, an index of leading indicators rose 0.1% in July, less than the 0.2% gain expected. The index’s June decline was also revised down 0.3%, which had first been reported as a 0.2% drop, the Conference Board said Thursday. In July, five of the 10 leading indicators increased, led by improvements in the interest rate spread and the factory workweek.