US stocks are closing lower as investors worry about the economy, interest rates and stock valuations.
Payroll processor ADP said hiring slowed in April to its weakest pace in nearly a year and a half. Traders were also concerned that Federal Reserve Chair Janet Yellen said stock market valuations were high.
The Standard & Poor’s 500 index fell nine points, or 0.5%, to 2,080.
The Dow Jones industrial average dropped 86 points, or 0.5%, to 17,841. The Nasdaq composite declined 19 points, or 0.4%, to 4,919.
News Corp, which publishes The Wall Street Journal, fell 6 percent after its results missed forecasts. Noodles & Co. plunged 19%.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.23%, the highest in two months.