(CNN) Stocks tumbled on Thursday after fresh data signaled that the labor market remains piping hot, heightening concerns that the Federal Reserve will raise interest rates for longer than expected. The Dow Jones Industrial Average index dropped 494 points, or 1.4%. The S&P 500 fell 1.3% and the Nasdaq Composite slid 1.5%. US private sector businesses added an estimated 497,000 jobs, according to payroll processor ADP’s latest National Employment Report released Thursday. That’s significantly higher than the 220,000 jobs economists predicted, according to Refinitiv.
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