Dow drops over 400 points as market volatility continues

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NEW YORK, Oct. 6 (Xinhua) — U.S. stocks fell sharply on Wednesday with the Dow dropping more than 400 points in morning trading, as market volatility continued on Wall Street.

The Dow Jones Industrial Average dipped 455.61 points, or 1.33 percent, to 33,859.06. The S&P 500 decreased 53.00 points, or 1.22 percent, to 4,292.72. The Nasdaq Composite Index slid 166.71 points, or 1.15 percent, to 14,267.12.

All the 11 primary S&P 500 sectors pulled back in the morning, with energy and materials down 2.5 percent and 1.8 percent, respectively, leading the losses.

The weakness came despite data that showed U.S. private sector payrolls increased more than expected last month.

U.S. private sector employment increased by 568,000 in September, payroll data company Automatic Data Processing (ADP) reported Wednesday. Economists surveyed by The Wall Street Journal had expected a gain of 425,000 jobs.

The ADP report came two days before the crucial monthly employment report to be released by the Labor Department’s Bureau of Labor Statistics, which will include employment data from both the private sector and the government.

U.S. equities have been in choppy trading this week, with the Dow closing up 312 points on Tuesday, following a nearly 324-point dip on Monday, as investors assessed headwinds and tailwinds on the market. Enditem