Stocks lost more ground on Wednesday, as Wall Street added to its losses a day after the market’s worst skid in a month. The Standard & Poor's 500 fell 0.2%, following a 2.1% drop a day earlier. The Nasdaq composite dropped 0.3%. The Dow Jones industrial average managed a gain of 38 points, or 0.1%. Technology stocks were the biggest weights on the market. Some of the bigger companies in the sector have an outsized impact on the broader market because of their large market values.
“Job vacancies declined, hires rose and quits were steady,” Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics, said in a note. “There is no signal here of any sudden collapse of the labor market here or any imminent recession.” Several other reports this week will help give a clearer picture of the economy for the Fed and Wall Street. The Institute for Supply Management will release its services sector index for August on Thursday.
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