Stocks Slide as Weak Jobs Data and Falling Oil Prices Stir Economic Concerns
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U.S. stocks ended down on Wednesday, pulled lower by megacaps and energy shares as signs of cooling jobs market reinforced expectations of Fed rate cuts in 2023.
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ADP report showed private payrolls rose by 103,000 jobs in November, below expectations, providing evidence of labor market weakness.
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Declines in energy stocks weighed on major indexes, with oil prices dropping 4% on worries about fuel demand.
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Advancing issues in S&P 500 outnumbered decliners, but index still ended down 0.39%.
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Campbell Soup stock rallied 7.1% after beating profit expectations, helped by higher prices for its packaged meals.