STOCKS TUMBLE ON HOT JOBS REPORTS

Stocks fell broadly on Wall Street and Treasury yields rose Thursday after another hot reading on the job market raised worries that the Fed will need to keep inflicting pain on the economy to fight inflation.

The S&P 500 fell 1.2% to 3,808.10, clawing back all of its gains from a day earlier. The Dow fell 1% to 32,930.08, and the Nasdaq composite lost 1.5% to 10,305.24. Small-company stocks also lost ground as the Russell 2000 fell 1.1% to 1,753.19.

Technology, health care and industrial stocks weighed most on the market. Energy stocks bucked the broader market slide as U.S. crude oil settled 1.1% higher at $73.67 a barrel.

The yield on the two-year Treasury rose significantly on the latest jobs reports, jumping to 4.46% from 4.36%, while the yield on the 10-year Treasury rose to 3.71% from 3.69%.

The pullback came after payroll firm ADP reported a bigger-than-expected increase in jobs (235,000) at private companies last month. The Labor Department also reported Thursday that the number of Americans applying for unemployment benefits fell last week to the lowest level in more than three months, down by 19,000 to 204,000. On Wednesday, a government report showed a higher-than-expected number of job openings in November. — AP