Wall Street Slumps After Weaker-Than-Expected Services Sector Data

U.S. stocks fell sharply on Thursday after data showed business activity slowed in September to its lowest level in three years, the latest economic indicator to point to a sharp downturn in the United States.

At 10:02 a.m. ET, the Dow Jones industrial average was down 232.00 points, or 0.89 percent, at 25,846.62, the S&P 500 was down 21.15 points, or 0.73 percent, at 2,866.46. The Nasdaq Composite was down 62.66 points, or 0.80 percent, at 7,722.59.

Moments before the data, the Dow Jones industrial average was down 17.16 points, or 0.07 percent, at 26,061.46, the S&P 500 was up 2.79 points, or 0.10 percent, at 2,890.40. The Nasdaq Composite was up 6.57 points, or 0.08 percent, at 7,791.82.

The gloomy economic data over the last couple of days has led to two straight days of a more than 1 percent drop in the benchmark S&P 500 .SPX for the first time this year and set the Dow .DJI on course for its worst week in four months.