U.S. stocks extended losses as data on manufacturing and home sales trailed economists’ estimates, fueling concern that the economic recovery is in peril. The Standard & Poor’s 500 Index lost 0.8 percent to 1,022.73 at 10:02 a.m. in New York. The Dow Jones Industrial Average decreased 78.29 points, or 0.8 percent, to 9,695.73. The number of contracts to purchase previously owned houses plunged in May by 30 percent, more than twice as much as forecast, after a homebuyer tax credit expired. The Institute for Supply Management’s gauge of manufacturing slipped more than estimated to 56.2. U.S. equity index futures slid before the open of U.S. exchanges after the Labor Department said initial jobless claims increased by 13,000 to 472,000 in the week ended June 26, defying the median economist forecast for a decline to 455,000. The number of people receiving unemployment insurance rose, while those getting emergency benefits dropped after Congress failed to act on extending the legislation. The S&P 500 has tumbled 15 percent from this year’s high on April 23 on concern a sovereign-debt crisis in Europe and China’s moves to tame inflation will dent global growth. The gauge is 7.6 percent lower this year and has fallen for seven of the past eight days, trimming its valuation to about 15 times the reported earnings of its companies, near the cheapest level in a year, according to Bloomberg data. China’s manufacturing growth slowed more than economists forecast in June, adding to signs that the world’s fastest- growing major economy is cooling. The government’s Purchasing Managers’ Index fell to 52.1 in June from 53.9 in May. The median forecast in a Bloomberg News survey of 12 economists was 53.2. An HSBC Holdings Plc manufacturing index slid to a 14- month low.

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