Stocks down after tepid economic data, bank woes

By MADLEN READ, AP Business Writer

2 hours, 56 minutes ago

Wall Street retreated Monday on more signs of economic weakness and executive shake-ups at two major banks — reminders of the ongoing fallout from the credit crisis. The Dow Jones industrial average fell more than 130 points.

Two key economic reports indicated that the economy is still struggling. As expected, the Institute for Supply Management's manufacturing index for May showed its fourth straight monthly decline, while the Commerce Department said construction spending dipped in April for the sixth time in seven months due to a drop in home building.