Dow sinks over 200 points to start Wednesday trade after disappointing ADP report

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U.S. stock benchmarks pulled back to start trade on Wednesday, a day after the S&P 500 index and the Nasdaq Composite finished at all-time highs to start trade in December. The Dow Jones Industrial Average was off 204 points, or 0.7%, at around 29,617, the S&P 500 index was trading 0.4% lower at 3,647, while the Nasdaq Composite was trading 0.9% lower. U.S. businesses created 307,000 private-sector jobs in November, Automated Data Processing said Wednesday, marking the smallest increase in four months and suggesting a record increase in coronavirus cases has hurt hiring. The increase in hiring last month fell well short of the 440,000 forecast of economists surveyed by Econoday. Automatic Data Processing is the nation’s largest processor of payrolls for business.
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