US stocks lower after mid-Atlantic Fed data

The Dow Jones industrial average dropped 51 pts to 12,547

U.S. stocks extended losses as data showed manufacturing in the in the U.S. mid-Atlantic region unexpectedly contracted in May, adding to concerns about the global economy as Europe's debt crisis threatens to worsen.

The Dow Jones industrial average dropped 51.16 points, or 0.41%, to 12,547.39. The Standard & Poor's 500 Index dropped 7.36 points, or 0.56%, to 1,317.44. The Nasdaq Composite Index dropped 20.10 points, or 0.70%, to 2,853.94.