FILE – The New York Stock Exchange on Wednesday, June 29, 2022 in New York. (AP Photo/Julia Nikhinson, File)

NEW YORK (AP) — Stocks fell broadly on Wall Street and Treasury yields rose after another hot reading on the job market raised worries that the Federal Reserve will need to continue inflicting pain on the economy in order to fight inflation. The S&P 500 was down 1.2% in afternoon trading Thursday. The Dow Jones Industrial Average and the the Nasdaq also fell. The pullback came after payroll company ADP reported a bigger-than-expected increase in jobs at private companies last month. The continued strength in the job market makes the Fed’s job of reining in inflation more difficult by putting upward pressure on wages.