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Stocks cut losses on service sector growth


    NEW YORK (Reuters) - Stocks pared losses on Friday after a report showed the U.S. services sector continued to expand in May, although a much worse-than-expected jobs report pressured equity markets in early trade.

    The Dow Jones industrial average dropped 86.92 points, or 0.71 percent, to 12,161.63. The Standard & Poor's 500 Index dropped 9.40 points, or 0.72 percent, to 1,303.54. The Nasdaq Composite Index dropped 20.54 points, or 0.74 percent, to 2,752.77.