U.S. Stocks Fall as Jobs, Purchasing Data Signal Slower Growth

By Rita Nazareth

March 31 (Bloomberg) -- U.S. stocks fell, trimming a fourth-straight quarterly advance, as private reports showed employers unexpectedly cut jobs this month and business activity grew less than forecast.

Cisco Systems Inc., Microsoft Corp. and DuPont Co. led the Dow Jones Industrial Average lower as ADP Employer Services said companies cut 23,000 jobs, compared with a gain of 40,000 forecast on average by economists in a Bloomberg survey. Ford Motor Co. slid on the UAW retiree fund’s plan to raise $1.78 billion by selling warrants to buy Ford stock. Chevron Corp. led energy shares higher as oil topped $83 a barrel and President Barack Obama said he’ll allow drilling off the East Coast.

The Standard & Poor’s 500 Index decreased 0.3 percent to 1,169.43 at 4:09 p.m. in New York. The measure climbed 4.9 percent since Dec. 31, the biggest first-quarter rally since 1998. The Dow fell 50.79 points, or 0.5 percent, to 10,856.63 after closing at an 18-month high yesterday. The Russell 2000 Index of small companies lost 0.8 percent.

“We’ve had a nice quarter and some people are taking money off the table,â€