The Dow falls over a hundred points as investors reacted to sluggish economic data. Mark Lasseigne fills you in.

  • Dow Jones Industrial Average fell 124 points to 11,489.
  • In its annual mid-year review, the White House downgraded its outlook
    for the economy, saying unemployment could average 9% in 2012 and
    predicting slower-than-expected growth for several years.
  • New filings for unemployment claims remain above the 400,000 level.
    The Labor Department said Americans filed 409,000 new claims last week.
  • Manufacturing remained flat, according to data from the Institute
    for Supply Management, whose purchasing managers' index came in at
    50.6  Any reading below 50 would indicate a contracting manufacturing
    sector.
  • General Motors' U.S. auto sales jump 18% in August, and Chrysler's was
    up 31%, as the reports showed demand for cars, crossovers and trucks.
  • Crude closed at $88.93 a barrel.
  • And gold settled at $1,829/ounce.
  • Investors will now turn their focus to the government's jobs report,
    due Friday morning.