By: JeeYeon Park CNBC.com Writer
Stocks kicked off May with a big thud,
with major averages dropping nearly 1 percent across the board, as a
batch of weaker-than-expected economic data overshadowed the Federal
Reserve's plan to maintain its stimulus program.
The Dow Jones Industrial Average tumbled 138.85 points, or 0.94 percent, to end at 14,700.95, dragged by Merck and Verizon.
The S&P 500 fell 14.87 points, or 0.93 percent, to close at 1,582.70. The Nasdaq declined 29.66 points, or 0.89 percent, to finish at 3,299.13.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped above 14.
All key S&P sectors finished in the red, led by energy and materials.
With the day's declines, major averages wiped out nearly half of April's gains. Stocks posted robust gains of more than 1.5 percent across the board in April. Interestingly, stocks have not posted gains in May since 2009.
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