So this is October... Dow: -838 points in 2 days S&P 500: -90 points Nasdaq: -214 points
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.
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.
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