Stocks extend slide after factory orders report

Stocks are falling again after China deflated investors' hope that it would take new steps to stimulate its economy.

More disheartening U.S. data added to the market's gloom Thursday.

Chinese Premier Wen Jiabao said the government's current stimulus plan would help the world's third-largest economy grow by 8 percent this year, but he stopped short of promising new steps.

The hope that China would unveil more government spending to help its economy was a major factor behind the market's bounce Wednesday. The rally followed a five-day pummeling that left the market at its lowest levels since 1997.

The premier "had his Timothy …