U. S. stocks finished sharply lower on Wednesday after a batch of economic data indicated weaker-than-expected growth in the world’s top economies. The Dow Jones Industrial Average declined 138.85 points, or 0.94%, to 14,700.95. The S&P 500 index shed 14.87 points, or 0.93%, to 1,582.70. The Nasdaq Composite dropped 29.66 points, or 0.89%, to 3,299.13.
A pair of reports released Wednesday showed growth among U.S. manufacturers fell in April to the slowest pace since late last year. And a closely followed employment survey indicated that companies added the fewest number of new workers in seven months.
Facebook Inc’s first-quarter revenue increased 38 percent year-on-year, as the world’s largest social network continued to grow its mobile advertising business. It earned $219 million, or 9 cents a share, in the first three months of the year, compared to $205 million, or 9 cents a share, in the year-ago period. Facebook’s revenue in the first quarter totaled $1.46 billion, versus $1.06 billion in the year-ago period.
Yelp Inc. shares climbed as much as 9% in after-hours trading Wednesday as the online consumer reviews and information company reported a narrowing of its first-quarter loss and better-than-expected revenue. For the quarter ended March 31, it lost $4.8 million, or 8 cents a share, on revenue of $46.1 million. During the same period a year ago, Yelp lost $9.8 million, or 31 cents a share, on $27.4 million in sales.
The Federal Reserve held fast to its ultra-accommodative monetary policy, solidified by what board members described as an economy weakened by fiscal policy.
Frontier Airlines is adding a fee for carry-on bags, and plans to start charging $2 for soda and coffee. The new carry-on fee announced Wednesday will be $25 if paid in advance, and $100 if paid at the gate. It applies to bags in the overhead bin, so small bags under the seat will still be free.
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