Dow Drops to Lowest Level in Month

A series of weak reports on the U.S. economy is sending the stock market sharply lower.

The Dow Jones industrial average plunged 217 points, its biggest drop in six weeks, to close at 14,960 Wednesday, a loss of 1.4 percent.

It's the first time the Dow has closed below 15,000 in a month. Intel led the Dow lower.

Several reports suggested the economy is slowing, including weakness in hiring at private companies, a drop in mortgage applications and sluggish service-sector job growth.

The Standard & Poor's 500 index fell 22 points, or 1.4 percent, to 1,608.

The Nasdaq fell 43 points to 3,401, a loss of 1.3 percent.

Five stocks fell for every one that rose on the New York Stock Exchange. Volume was average, 3.6 billion shares.

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