Stocks Pull Back on Slowed Job Growth
(NEW YORK) — Is this the pullback economists warned about? Signs of weakness in the job market and service businesses pushed the markets down Wednesday.
The Dow lost 111.66 points for the session. The blue chips index closed at 14,550.35. The Nasdaq gave up 36.26 points and closed at 3,218.60. The S&P closed down 16.56 points, ending the session at 1,553.69.
The Dow and the S&P had their biggest drops in over a month.
Payroll processor ADP says companies added fewer jobs in March than they did in February. Meanwhile, the Institute for Supply Management says growth in service industries like finance, health care and retail slowed last month.
The March jobs numbers are due out on Friday.
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