ADP Inc.

Stocks have their biggest drop in more than six weeks

Stocks have their biggest drop in more than six weeks

U.S. stocks took their biggest loss in more than six weeks Thursday as investors reacted to mounting evidence that hiring has slowed down. Energy and healthcare companies fell sharply, and so did retailers.

Stocks slumped after ADP, a payroll processing company, said private businesses added fewer jobs in June than investors expected.

Bond prices fell and yields jumped, which hurt companies that pay large dividends, such as major drug companies and real estate investment trusts. Retailers sank after L Brands, the parent company of Victoria's Secret, reported weak June sales.

The ADP survey was the latest piece of evidence that hiring has slowed in recent months. That has...

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