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Stocks Log Worst Drop in a Month, S&P Below 1400
CNBC.com | April 04, 2012 | 04:56 PM EDT

  • Stock Plunge Is 'Much Ado About Nothing': Bill Gross
  • “You don’t have to rush to buy the first sizable break in this market,” he said. “I don’t think any one thing caused [this pullback]—It’s a confluence of forces and the doorway gets very small when everyone runs for it.”

    Minutes from the Fed's latest meeting on Tuesday suggested that policymakers' appetite for another dose of quantitative easing significantly decreased, amid the improving U.S. economy. Still, members of the Fed remained cautious about a broad recovery, especially on the jobs front.

    Morgan Stanley downgraded its forecast of further quantitative easing by the Fed to one-out-of-three chance from two out of three.

    On the economic front, private employers added 209,000 jobs in March , according to the ADP National Employment Report. Economists had expected a gain of 200,000.

    The ADP report is seen as a precursor to the government’s monthly employment report, which is due out this Friday.

    Non-farm payrolls are expected to show a gain of above 200,000 in March, the fourth-straight month the economy has added more than 200,000 jobs, after an increase of 227,000 in the previous month. (Read More: Markets Closed Friday—Why Release Jobs Data? )

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