Closing 10,856.63 -50.79 -0.47%
NEW YORK (Reuters) - Stocks fell on Wednesday as a report showing a surprising drop in private- sector employment stoked concerns about the health of the labor market two days before the government's key jobs data.
Wall Street took a one-two punch from ADP Employer Services data showing U.S. private-sector employers unexpectedly cut jobs in March and a separate report that showed U.S. Midwest business activity expanded less than expected last month.
The news was a setback for investors anxious for more evidence that the economic recovery is gaining strength and led investors to lock in profits in strong-performing sectors, such as consumer discretionary shares, which rose more than 10 percent for the quarter.
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