May 4th, 2011
08:53 PM ET

Stocks stumble on economic jitters

Here are some highlights of the day's business news:

Stocks ended in the red Wednesday, as disappointing reports on jobs and the services sector weighed on investors.

The Dow Jones industrial average fell 84 points, or 0.6%. Earlier in the session, the blue-chip index tumbled more than 130 points. The S&P 500 shed 9 points, or 0.7%; and the Nasdaq slid 13 points, or 0.5%.

Caterpillar and General Electric were the biggest drags on the Dow. Shares of First Solar pressured both the Nasdaq and S&P 500, falling 8.5%.

Before the opening bell, payroll processor ADP said the private sector created 179,000 jobs last month - down from 207,000 in the previous month. That was less than the 200,000 economists had been expecting.

Gasoline demand drops as price rises

Demand for gasoline, which has seen a price spike at the pump, has dropped sharply, a government report revealed Wednesday.

Gasoline demand fell to 8.943 million barrels per day from 9.148 million a week ago, according to the U.S. Energy Information Administration.

That suggests Americans are adjusting their consumption habits as prices shoot through the roof.

The national average price for a gallon of gasoline rose about two cents from the previous day to $3.98. In the past week, the averageprice of gasoline has climbed about 10 cents.

Madoff victims could soon start getting funds

The trustee in charge of recovering money stolen by Bernard Madoff took steps Wednesday to begin payments to victims totaling $272 million.

The trustee, Irving Picard, is seeking approval from the U.S. bankruptcy court in New York to put $2.6 billion in a fund and make the first payments. Picard has recovered more than $7.6 billion in Madoff assets.

The initial payments would be relatively small because of outstanding appeals by some former Madoff customers whose claims have been rejected by Picard.

GM recalls more than 150,000 Chevrolet Cruzes

General Motors has recalled 154,112 Chevrolet Cruze models in North America to inspect for proper installation of the steering wheel, the automaker said late Wednesday.

Of those 2011-year models, 120,295 with automatic transmissions will be checked for proper installation of their transmission shift linkage. Vehicles on dealer lots will also be inspected. The recalled vehicles were built in Lordstown, Ohio, and sold in the United States and Canada.

According to GM, there were no crashes or injuries associated with the recall.

– CNNMoney.com reporters Annalyn Censky, Charles Riley, Ben Rooney and Laurie Segall contributed to this report.

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Filed under: Business • Economy
soundoff (27 Responses)
  1. Cesar

    The people of America win with OBL dead and trolls whipped with a whip.

    May 5, 2011 at 4:51 am | Report abuse | Reply
  2. Weitko

    Yikes!! Seriously??? The are ONLY 2 relatively desent posts here. Is this the level of intelligence that America has lowered too?

    May 5, 2011 at 4:53 am | Report abuse | Reply
  3. Cesar

    Weitko: What's your problem?

    May 5, 2011 at 4:54 am | Report abuse | Reply
  4. Cesar

    Punk!

    May 5, 2011 at 4:54 am | Report abuse | Reply
  5. Robert

    Cesar, is that true? Tell us more about your Uncle.

    May 5, 2011 at 4:56 am | Report abuse | Reply
  6. Robert

    You said in another post that you are going to Pakistan to get Osama's underwear hahahahahah

    May 5, 2011 at 4:59 am | Report abuse | Reply
  7. Cesar

    @Fake Robert: Shut up stupid.

    May 5, 2011 at 5:05 am | Report abuse | Reply
  8. Cesar

    Osama: I'm one of your virgins, you can do me now that you're dead. Please poke me hard, I like it up the ass.

    May 5, 2011 at 5:27 am | Report abuse | Reply
  9. mach

    what? the economy still sucks? but ubama said he killed usama. i was sure everything would have turned around. well maybe 4 libs since they dont work. nazie retards.

    May 5, 2011 at 8:46 am | Report abuse | Reply
  10. Cesar

    Fake Cesar: blah blah blah. BORING!

    May 5, 2011 at 10:23 am | Report abuse | Reply
  11. Cesar

    The troll goes blah blah blah. The troll goes blah blah blah.

    May 5, 2011 at 10:30 am | Report abuse | Reply
  12. Cesar

    @Fake Robert: Shut up stupid troll.

    May 5, 2011 at 11:41 am | Report abuse | Reply
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