Indices closed in the red zone today on Wall Street. Alcoa, Bank of America, and Cisco led the Dow’s descent. Brands traded lower amid word of Spain’s disappointing debt auction and other economic news. Services industry growth slipped slightly in March. The Institute for Supply Management’s nonmanufacturing index fell to 56 from 57.3 in February. The reading was shy of the consensus expectation of 56.7. On another note, the Automatic Data Processing employment report showed 209,000 additions to private sector employment in March. The result was roughly in line with expectations, but down from an upwardly revised 230,000 in February. The government is set to publish official numbers on Friday. Looking ahead, monthly chain stores sales data and weekly jobless claims figures will be released tomorrow.
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