Wall Street drops more than 1 percent as growth fears resurface

Activity at China's factories shrank for the 14th straight month in April as demand stagnated, a private survey showed. Adding to the downward pressure, oil prices dropped about 2 percent as rising output from the Middle East renewed concerns about global oversupply. "We are reacting to the negative news overnight from China and Europe, and investors are waiting for the jobs data," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.