Stocks Have Biggest Drop Since Mid-May

Stocks had their biggest drop since mid-May as investors worried about the latest sign that hiring is slowing down, the AP reports. Payroll processor ADP reported early Thursday that hiring by private companies slowed in June. The biggest losses were in health care and technology stocks. Drugmaker Merck lost 1.7% and Apple fell 0.9%. L Brands, the parent company of Victoria's Secret, plunged 14% after reporting weak sales in June. The Standard & Poor's 500 index fell 22 points, or 0.9%, to 2,409. The Dow Jones industrial average lost 158 points, or 0.7%, to 21,320. The Nasdaq composite slipped 61 points, or 1%, to 6,089. (More stock market stories.)