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US stocks drop as traders digest jobs data that shows hiring slowed in March

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  • US stocks edge lower on Wednesday as traders worry about the direction of the overall economy.
  • The S&P 500 and Dow Jones Industrial Average ended their four-day winning streak on Tuesday.
  • US companies added fewer jobs than forecasted last month, per ADP data. 

US stocks were mixed on Wednesday as traders fret over the direction of the overall economy following new indicators that job growth is slowing. 

Stocks in Tuesday’s session snapped a four-day winning streak as job openings declined and top commentators warned of more bank turmoil ahead.

Investors on Wednesday were assessing ADP private payroll data, which showed that US companies added fewer jobs than forecasted last month. The figure came in at 1450,000, below expectations for 210,000 jobs added in the month. 

The figures could indicate that the Federal Reserve’s year-long campaign to raise interest rates may finally be weighing on the labor market. 

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:

Here’s what else happened today: 12,126.33, down 

Read the original article on Business Insider
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