Stocks Slumped on Growth Worries

U.S. stocks closed lower on Wednesday after a number of economic reports suggested the economy is struggling to regain momentum. The Dow Jones Industrial Average fell 99.65 points, or 0.56%, to 17,651.26. The S&P 500 dropped 12.25 points, or 0.59%, to 2,051.12. The Nasdaq Composite was down 37.58 points, or 0.79%, to 4,725.64.

Tesla reported an adjusted loss that was narrower than Wall Street expected. For the first three months of the year, Tesla said it lost $2.13 a share, or $282 million. Excluding certain items, the non-GAAP loss narrowed to 57 cents a share, or $75 million.

Zynga Inc. on Wednesday reported first-quarter results that beat expectations. For the quarter ended in March, Zynga posted a loss of $26.6 million, or three cents a share, compared with a loss of $46.5 million, or five cents a share, a year earlier. Revenue rose 1.9% to $186.7 million.

Whole Foods Market Inc.’s third-quarter earnings beat expectations. The healthy food grocer said it had net income of $142 million, or 44 cents per share, down from $158 million, or 44 cents per share, for the same period last year.