Stocks fell broadly on Wall Street and Treasury yields rose after another hot reading on the job market raised worries that the Federal Reserve will need to continue inflicting pain on the economy to fight inflation.
The S&P 500 fell 1.2% Thursday. The Dow Jones Industrial Average and the Nasdaq also fell.
The pullback came after payroll company ADP reported a bigger-than-expected increase in jobs at private companies last month. The continued strength in the job market makes the Fed’s job of reining in inflation more difficult by putting upward pressure on wages.
The S&P 500 fell 44.87 points, or 1.2%, to 3,808.10.
The Dow Jones Industrial Average fell 339.69 points, or 1%, to 32,930.08.
The Nasdaq fell 153.52 points, or 1.5%, to 10,305.24.
The Russell 2000 index of smaller companies fell 19.35 points, or 1.1%, to 1,753.19.
For the week:
The S&P 500 is down 31.40 points, or 0.8%.
The Dow is down 217.17 points, or 0.7%.
The Nasdaq is down 161.24 points, or 1.5%.
The Russell 2000 is down 8.05 points, or 0.5%.