Stocks Lose Ground with Troubling Jobs Report
(NEW YORK) -- Investor worries about a possible slowdown in U.S. hiring kept the Dow in the minus column Wednesday, one day after its best close in four years. The Dow lost 11 points Wednesday, and the S&P dropped four. The Nasdaq, however, managed to gain nine points for the session.
The latest ADP jobs report showed that U.S. businesses added 119,000 jobs in April. This is much less than the 201,000 jobs added in March, indicating job creation may be slowing.
Energy and financial stocks led the day's losses, with Bank of America (-1.8 percent), JPMorgan Chase (-1.3 percent), Exxon Mobil (-1 percent) and Chevron (-1.2 percent) all losing ground by the end of the Wednesday trading session.
Meanwhile, crude oil closed down nearly 1 percent, at $105.22 a barrel.
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