Worse-than-expected Economic Data Thwarts Rally

There were more than twice as many losing stocks as winners on the New York Stock Exchange Wednesday, where consolidated volume was 5.2 billion shares, down from 5.8 billion a day earlier.

Some of the biggest declines were in energy, industrial and material stocks — all areas that have benefited in recent days from gains in commodity prices.

Oil prices pulled back Wednesday after a weeklong rally as the government reported a big jump in crude storage levels, signaling continued weak demand.

As crude shed $2.43 to finish at $66.12 a barrel on the New York Mercantile Exchange, Valero Energy Corp. sank $3.98, or 17.8 percent, to $18.40, and Sunoco Inc. dropped $2.27, or 7.5 percent, to $28.03.

Investors in both stocks and energy were displeased with the Commerce Department report showing a smaller-than-expected rise in factory orders. Though it was the second gain in the past three months, orders rose just 0.7 percent in April when analysts had called for a 0.9 percent increase.

Also, the Institute for Supply Management, a trade group of purchasing executives, said the services sector shrank in May at the slowest pace since October. The barometer was below economists' estimates and marked the eighth straight monthly decline.