Dow drops 300 points as strong jobs data suggests more aggressive Fed rate hikes

U.S. stocks finished lower on Thursday, with the Dow dropping more than 300 points, as strong jobs data and hawkish Fed commentary signaled more aggressive Federal Reserve interest-rate hikes to come. The S&P 500
SPX,
-1.16%
shed 44.87 points, or 1.2%, to finish at 3,808.10. The Nasdaq Composite
COMP,
-1.47%
dropped 153.52 points, or 1.5%, to 10,305.24. The Dow Jones Industrial Average
DJIA,
-1.02%
retreated 339.69, or 1%, to 32,930.08. Private payrolls data from ADP showed jobs growth last month was far more robust than economists had expected, stoking concerns that Friday’s monthly payrolls report might also surprise to the upside. One stock-market analyst told MarketWatch earlier that “good news” about the labor market is “bad news” for stocks and bonds, as it means the Fed has failed to undercut the labor market, a key step toward suppressing inflation.