Stocks close lower after employment data Stocks fell Wednesday after data showed U.S. companies hired the fewest people in seven months in April and the euro zone's factory sector slipped further. The Dow Jones industrial average closed the day down 11 points, having lost as much as 87 points earlier in the session. The reports came a day after an index of U.S. factory activity posted its strongest growth rate in 10 months and sent the Dow to its highest close in four years. The S&P 500 and the Dow declined as investors turned cautious ahead of Friday's U.S. nonfarm payrolls report for April, while Treasuries prices advanced on safe-haven demand. U.S. companies added only 119,000 jobs last month, well short of expectations of 177,000, a worrisome sign of a labor market that has struggled to gain traction. "If fewer and fewer people are participating in this recovery it suggests underlying weakness that we have to address, and so far policy makers' answers have been easy credit, I think we need to go beyond that," said Jack Ablin, chief investment officer, Harris Private Bank in Chicago. The report followed more discouraging economic news from Europe. Shares of Chesapeake Energy are among the worst performers in the market after Chairman and Chief Executive Aubrey McClendon said he was "deeply sorry" for the turmoil caused by his personal financial dealings. Shares of the natural gas company saw their largest decline in more than three years.