U.S. stocks on Wednesday posted another round of sharp losses in only the second session in October, sparked by a private-sector employment report that reflected a weakening domestic labor market. Automatic Data Processing's weaker-than-expected payrolls figures, combined with the weakest manufacturing report from the Institute of Supply Management on Monday, have intensified anxieties about a creeping economic slowdown that is washing up on U.S. shores. The Dow Jones Industrial Average DJIA, -1.86% fell about 1.9%, the S&P 500 index SPX, -1.79% declined 1.8% and the Nasdaq Composite index COMP, -1.56% retreated 1.6%, based on preliminary levels. All 11 sectors in the S&P 500 fell for consecutive days for the first time since December of 2018. Payroll firm ADP said that 135,000 private-sector jobs were created in September, below expectations and marking a significant decline in the pace of job growth. Meanwhile, the U.S. Energy Information Administration reported that U.S. crude oil inventories rose for the third week in a row, compounding fears of a slowing global economy and sending energy stocks down 2.6% on the day. Auto stocks were also hit hard after Ford Motor Co. F, -3.26% reported vehicle sales fell 5.1% in the third quarter. Home builder stocks fared better than the broader market after Lennar Corp. LEN, +3.77% reported better-than-expected earnings for the third quarter. The iShares U.S. Home Construction ETF ITB, -0.72% fell about 0.7% on the day.
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October 03, 2019 at 03:09AM
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Dow tumbles nearly 500 points, stocks post worst day in 6 weeks on fears of economic slowdown - MarketWatch
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