NEW YORK (Reuters) - Stocks skidded on Wednesday, with the Nasdaq off 1 percent as more weak economic data cemented fears of a slowdown and prompted big Wall Street players to slash their forecasts ahead of the closely watched payrolls report on Friday. The Dow Jones industrial average (DJI:^DJI - News) dropped 174.00 points, or 1.38 percent, to 12,395.79. The Standard & Poor's 500 Index (^SPX - News) fell 17.71 points, or 1.32 percent, to 1,327.49. The Nasdaq Composite Index (Nasdaq:^IXIC - News) took off 32.67 points, or 1.15 percent, to 2,802.63.