Dow, S&P 500 slump on weak economic reports

Traders work on the floor of the New York Stock Exchange Wednesday, May 30, 2012. Fearing a financial rupture in Europe, investors around the world fled from risk Wednesday. In the United States, where concerns about Europe have already wiped out most of this year's gains for stocks, major averages fell more than 1 percent. The Dow Jones industrial average was down as much as 184 points. European stocks lost even more, and the euro dropped below $1.24, its lowest point since the summer of 2010. (AP Photo/Richard Drew)

Traders work on the floor of the New York Stock Exchange Wednesday, May 30, 2012. Fearing a financial rupture in Europe, investors around the world fled from risk Wednesday. In the United States, where concerns about Europe have already wiped out most of this year's gains for stocks, major averages fell more than 1 percent. The Dow Jones industrial average was down as much as 184 points. European stocks lost even more, and the euro dropped below $1.24, its lowest point since the summer of 2010. (AP Photo/Richard Drew)

NEW YORK (AP) ? U.S. stocks are falling at midday, promising another nerve-wracking day for investors who just endured one of the worst losses of the year.

The Dow Jones industrial average is down 59 points to 12,360, after losing as much as 104 points earlier.

The Dow plunged 161 the day before on concerns about Europe, marking its third-worst loss of the year. May will be the Dow's first monthly loss since September ? another unwelcome milestone.

The Standard & Poor's 500 is down 10 points to 1,303. The Nasdaq composite index is down 26 points to 2,811.

Troubling reports about the U.S. economy weighed on the market. The government reported that claims for unemployment benefits climbed last week, and that first-quarter economic growth had been lower than expected. .

Associated Press

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