US stocks lower on more signs of weak economy

Wall Street is pulling back as investors absorb more evidence of a still-weakening economy, including a disappointing report on the services sector.

The Institute for Supply Management, which reported a discouraging reading on the manufacturing sector earlier this week, says the services sector contracted in November.

The news follows an earlier report from the Labor Department that productivity growth slowed in the third quarter.

Investors are also rattled by BlackBerry maker Research In Motion's lowered third-quarter outlook. RIM says it has added fewer new subscribers than expected amid the worsening economic slump. The news adds to investor worries about the impact of the recession on consumer spending, a crucial economic component.

The Dow is down 108 points at the 8,310 level, but has improved from an earlier loss of more than 180. Broader indexes are down more than 1 percent.

(Agencies)