U.S. stocks off to a weak start for second quarter

U.S. stocks slid on Wednesday amid weak economic reports, including data that had companies hiring fewer-than-expected workers in March. The retreat comes after the S&P 500's ninth quarterly gain.

Private employers added 189,000 to payrolls last month, according to ADP Research Institute. The disappointing report comes ahead of Friday's more complete nonfarm payrolls number for February from the Labor Department.

Separate data on Wednesday from the Institute for Supply Management had factories expanding in March at the slowest rate in nearly two years, illustrating softer demand from overseas and reductions by energy producers.

"There's some poor economic data, from ISM to additional crude-oil stockpiles, and maybe a little selling after the end of the quarter," Paul Nolte, senior vice president, portfolio manager at Kingsview Asset Management, told CBS MoneyWatch. "ADP was on the lighter side."

After a triple-digit fall, the Dow Jones Industrial Average (DJI) ended down 78 points, or 0.4 percent, at 17,698.

The S&P 500 (SPX) dropped 8 points, or 0.4 percent, to 2,060, with healthcare leading sector declines among its 10 major industries.

The Nasdaq Composite (COMP) fell 21 points, or 0.4 percent, to 4,880.

"We're not going to get much in the way of PE (Price-Earnings ratio) expansion, for the next couple of quarters. Earnings are going to be dampened by a stronger dollar and weaker energy prices," Nolte said.

On the New York Mercantile Exchange, gold futures rose $25.00, or 2.1 percent, to $1,208.20 an ounce, and crude futures added $2.49, or 5.2 percent, to $50.09 a barrel.

The U.S. dollar fell against the currencies of major U.S. trading partners and the 10-year Treasury yield used to determine mortgage rates and other consumer loans fell to 1.86 percent.