Stocks closed lower on Wall Street Wednesday, pulling the S&P 500 index below the record high it had set a day earlier. The benchmark index fell 0.5%, weighed down by losses in industrial companies, banks, and consumer-facing companies. A disappointing report on the job market helped discourage would-be buyers. The government’s broader jobs report comes out on Friday. Investors brushed off solid earnings from several large companies, sending shares of General Motors and CVS lower, the AP reports. The S&P 500 fell 20.49 points to 4,402.66. The Dow Jones Industrial Average fell 323.73 points, or 0.9%, to 34,792.67. The Nasdaq rose 19.24 points, or 0.1%, to 14,780.53.
Payroll processor ADP revealed a disappointing snapshot of the nation’s employment recovery, adding to concerns about the lagging recovery in the jobs market. ADP said the private sector added 330,000 jobs in July, falling far short of economists’ expectations. The report comes ahead of the Labor Department’s more comprehensive July jobs report on Friday. Online brokerage Robinhood's stock flew again on Wednesday, following a 24.2% rise Tuesday. It has more than doubled in four days. Robinhood Markets soared 50.4% to $70.39 in trading that was so feverish that trading was temporarily halted three times in the first half hour after the market opened, It's a sharp turnaround from last week's lackluster debut for the stock, when it sank 8.4% from its initial price of $38 on Thursday, reports the AP.
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