Stocks closed lower on Wall Street Wednesday, pulling the S&P 500 index below the record high it had set a day earlier.

The benchmark index fell 0.5%, weighed down by losses in industrial companies, banks, and consumer-facing companies.

A disappointing report on the job market helped discourage would-be buyers. Payroll processor ADP said employment at private companies was weaker than expected last month.

The government's broader jobs report comes out on Friday.

Investors brushed off solid earnings from several large companies, sending shares of General Motors and CVS lower.

Oil prices fell more than 3%.