US stock indexes extend slide in morning trading

Major U.S. stock indexes veered lower in morning trading Wednesday, as investors considered what a pair of disappointing economic reports on manufacturing and jobs could mean for corporate profits. Health care stocks were among the biggest decliners. Oil prices surged.

KEEPING SCORE: The Dow Jones industrial average fell 64 points, or 0.4 percent, to 17,711 as of 11:19 a.m. Eastern. The Standard & Poor's 500 index lost six points, or 0.3 percent, to 2,061. The Nasdaq composite shed 23 points, or 0.5 percent, to 4,876.

THE QUOTE: "We're seeing a bit of a pullback here the last couple of days," said James Liu, global market strategist for J.P. Morgan Asset Management. "The concerns right now are obviously around global growth and this morning around U.S. economic growth."

HIRING SLOWS: Payroll processor ADP said that U.S. companies added a seasonally adjusted 189,000 jobs last month. That was below market expectations for an increase of around 250,000. Though ADP's survey doesn't always tally with official numbers, the figures may prompt some analysts to reduce forecasts for the government's next monthly jobs tally, due out Friday.

MANUFACTURING MALAISE: The Institute for Supply Management said its U.S. manufacturing index slipped in March, the fifth monthly decline in a row. The slowdown comes as factory orders have been growing more slowly.

SECTOR MONITOR: Seven of the 10 sectors in the S&P 500 fell, with health care stocks leading the decline. The sector was down 1.2 percent. Energy stocks rose the most. NRG Energy notched the biggest drop among stocks in the S&P 500, falling $1.37, or 5.4 percent, to $23.82.

PUMPING THE BRAKES: Shares in Ford Motor and General Motors fell after the automakers reported a drop in U.S. sales in March. Ford shed 18 cents, or 1.1 percent, to $15.96. GM lost 53 cents, or 1.4 percent, to $36.96.

BAD QUARTER: Supply-chain services company UTI Worldwide slumped 17 percent after the company reported a wider fourth-quarter loss and cut its guidance. The stock fell $2.09 to $10.20.

ASSET PLAY: Sears Holdings climbed 5 percent on news the department store operator entered deal with shopping mall owner General Growth Properties to help extract more value from real estate holdings. Sears gained $2.09 to $43.47.

EUROPEAN MARKETS: European shares rebounded from early losses as a monthly survey showed factory output at a 10-month high in March. Germany's DAX rose 0.2 percent, while France's CAC-40 rose 0.7 percent. Britain's FTSE 100 gained 0.7 percent.

ASIA'S DAY: Markets in Asia were mixed. Japan's Nikkei 225 stock index slipped 0.9 percent, while South Korea's Kospi lost 0.6 percent. Australia's S&P ASX/200 fell 0.5 percent. But Hong Kong's Hang Seng index rose 0.7 percent and the Shanghai Composite Index added 1.7 percent on speculation authorities will do more to ease credit.

ENERGY: Benchmark U.S. crude rose $1.65 to $49.25 a barrel on the New York Mercantile Exchange.

BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.87 percent from 1.93 percent late Tuesday.

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