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S&P 500 Settles Lower Following Labor Report; Market Volatility Increases

The S&P 500 closed lower on Wednesday as investors assessed unexpectedly strong labor market report. The Labor Department said the number of job vacancies in the U.S. rose by 358 thousand to 10.1 million in April. Traders are now seeing a 70% chance that the Fed will raise rates by 25 basis points at its June 13-14 policy meeting.