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"It's very clear the labor market is still taking it on the chin from the coronavirus," said Ryan Sweet, a senior economist at Moody's Analytics.
Surging tech stocks lifted the Nasdaq Composite index, but the S&P 500 and Dow closed lower on the day.
"Job losses for the month of April alone was more than double the total jobs lost during the Great Recession," said Ahu Yildirmaz of ADP.
US businesses slashed 27,000 jobs before strictest coronavirus shutdowns took effect, new report shows
Small businesses accounted for the private-sector job cuts, shedding 90,000 payrolls through the month ended March 12, according to ADP.
Markets let coronavirus fears abate Wednesday as the S&P 500 notched a new closing record and the Dow jumped 500 points
The report could renew concerns that the labor market is running out of steam, particularly as a global trade dispute continues to escalate.
The US private sector created far fewer jobs than expected in March, according to payroll processor ADP.
Bill Ackman acknowledged that he technically lost the proxy contest at ADP – but said he's won in the long-term.
ADP shareholders voted against adding three directors to its board including Bill Ackman.
OPINION: On Wall Street, the most powerful people can move the market with merely a word. Bill Ackman seems to have lost that ability.