U.S. stocks fell more than 1% for the second straight session on Wednesday, hitting a fresh one-month low, as September’s weak private payrolls report added to concerns of a slowdown in the world’s largest economy.
U.S. private employers hired fewer-than-expected workers in September, the ADP National Employment Report showed, pointing to weakness in the labor market.
The report, a precursor to the Labor Department’s more comprehensive jobs report due on Friday, followed a contraction in U.S. manufacturing activity to its lowest level in more than a decade.
That hit investor faith in the strength of the domestic economy, a key reason for a rally in the benchmark index this year, wiping off the third-quarter gains on the S&P 500 .SPX and Dow .DJI.
