NEW YORK, June 2 (Xinhua) -- Wall Street dropped sharply Monday, as economic data and executive turbulence at major financial firms rekindled investors' concerns about the economic slowdown and the credit crisis.

    The U.S. Institute for Supply Management reported that the ISM manufacturing index rose to 49.6 from 48.6 in April, showing U.S. manufacturers saw their businesses contract further and the economy is continuing on a sluggish pace of growth.

    Moreover, the U.S. Commerce Department reported that construction activity fell by 0.4 percent in April after having been down 0.6 percent in March, as home building continues more than two-year slide.

    Investors also attached attention to Financials Monday. Wachovia, the U.S. fourth-largest bank, said early Monday that the company's board ousted CEO Ken Thompson. And Washington Mutual Inc. said it is replacing chief executive Kerry Killinger as chairman. Executive shake-ups at these two major banks reminded investors of fallout from the credit crisis.

    The Dow Jones fell 148.67 to 12489.73. Broader indexes also moved lower. The Standard & Poor's 500 index dipped 14.15 to 1,386.23; and the Nasdaq fell 34.49 to 2,488.17.