By Leah Schnurr NEW YORK, Nov 5 (Reuters) - U.S. stocks fell on Wednesday a as worries about a weakening global economy returned to center stage a day after the U.S. historic presidential election . Stocks earlier pared losses after data that the vast services sector shrank sharply but less than analysts had feared. But newly elected President Barack Obama was also greeted with reports showing deep cuts in employment by private employers, possibly foreshadowing weakness in the government's employment report on Friday, and separate data showing companies planned layoffs rising to the highest in nearly five years. The new Democratic leader, who swept to a White House victory, now faces the task of trying to lead the United States and the world out of its worst financial crisis since the 1930s. "The job loss expectations are actually very high and I do think that is part of fact that it was discounted already in market," said Marc Pado, U.S. market strategist, Cantor Fitzgerald & Co in San Francisco. But Pado noted there was still some post-election enthusiasm in the market, saying, "I do think that after an election that really ran on change, there's going to be optimism now, there's going to be a refocus on higher days." The Dow Jones industrial average .DJI fell 113.42 points, or 1.18 percent, to 9,511.86. The Standard & Poor's 500 Index .SPX was off 10.40 points, or 1.03 percent, to 995.35. The Nasdaq Composite Index .IXIC gave up 23.38 points, or 1.31 percent, at 1,756.74. United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) was among the biggest drags on the Dow after the diversified manufacturer said it stood by its 2008 profit forecast, though the strengthening dollar could put results near the low end of the range. United was down 2.3 percent at $55.94. A report from ADP Employer Services said the private sector cut 157,000 jobs in October and the labor market will worsen in the months ahead. The Institute for Supply Management said its non-manufacturing index came in below economists' expectations. Ambac Financial (ABK.N: Quote, Profile, Research, Stock Buzz) dived 24.1 percent to $2.58 after the bond insurer reported a much bigger quarterly loss as it was hurt by writedowns and market losses. For details, see [ID:nN05529522]. On the Nasdaq, major technology companies fell. Apple (AAPL.O: Quote, Profile, Research, Stock Buzz) was off 2.4 percent to $108.37, while Microsoft (MSFT.O: Quote, Profile, Research, Stock Buzz) was down 1 percent at $23.29. Cisco Systems (CSCO.O: Quote, Profile, Research, Stock Buzz) was down 1 percent at $18.15 ahead of quarterly results expected after the bell. Media conglomerate Time Warner Inc (TWX.N: Quote, Profile, Research, Stock Buzz) gained 2 percent to $11.05 after the company reported higher-than-expected profit but lowered its full-year operating profit outlook. [ID:nN04488519]. Obama, who cinched the White House promising change as the first black U.S. president, was expected to start work on Wednesday, planning his formal takeover on Jan. 20 and putting together a team to tackle the financial crisis, among other challenges. ()

Source