ADP reported that private sector jobs fell 693,000 in December, worse than the estimate of a loss of 495,000 jobs, while November was revised downward from -250,000 to -472,000.
The Dow Jones Industrial Average fell 245 points (2.7%) to close at 8,770, the S&P 500 Index dropped 28 points (3.0%) to 907, and the Nasdaq Composite tumbled 53 points (3.2%) to 1,599. Crude oil lost $5.95 to $42.63 per barrel, and gold dropped $24.70 to $841.30 per ounce.
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