US stocks lower on Egypyt, China concerns

US stocks Wednesday looked past solid US employment data and moved lower on concerns about Egypt and the Chinese economy.

About 45 minutes into trade, the Dow Jones Industrial Average fell 28.80 (0.19 percent) to 14,903.61.

The broad-based S&P 500 retreated by 7.62 (0.47 percent) to 1,606.46, while the tech-rich Nasdaq Composite Index fell 9.56 (0.28 percent) to 3,423.84.

The market closes early Wednesday in advance of the July 4 Independence Day holiday.

The ADP payrolls firm estimated that 188,000 private-sector jobs were generated in June, well above the May reading of 134,000.

The weekly Labor Department report on jobless claims was also a positive, as claims fell 5,000 below the previous week's level to 343,000.

But investors were edgy over the political crisis in Egypt, where President Mohamed Morsi has refused to quit in the face of mass protests demanding his resignation.

Another uncertainty surrounds China, where a reading on non-manufacturing PMI fell to 53.9 in June compared with 54.3 in May, another sign of the country's economic slowdown.

Finally, markets are also showing concern over recent high-level resignations in Portugal that have revived fears about the eurozone. Markets in Britain, France and Germany were all off more than 1.4 percent Wednesday.

Leading banks retreated, including Citigroup (down 1.2 percent), Morgan Stanley (down 1.6 percent) and Bank of America (down 0.9 percent).

Dell slipped 0.2 percent following a report that company founder Michael Dell is facing pressure from a special committee of Dell directors to raise his bid to take the firm private.

International Speedway Corp., which operates major US auto racetracks like the Daytona Speedway, rose 2.2 percent after reporting earnings that came in one cent above expectations at 51 cents per share.

Mead Johnson, which provides baby formula and other nutritional products, sank 8.1 percent after the Chinese government initiated a probe into alleged price fixing by some foreign producers of baby formula. Abbott Laboratories, another baby formula producer, fell 2.8 percent.

Bond prices fell. The yield on the 10-year US Treasury was 2.48 percent, up from 2.47 percent Tuesday, while the 30-year rose to 3.49 percent from 3.47 percent. Bond prices move inversely to yields.