Stocks Slide as Labor Market Cools and Rally Falters

Stocks and oil prices fell as data showed slowing job and wage growth in November, signaling a cooling economy. The Nasdaq, S&P 500, and Dow Jones Industrial Average all ended lower. Energy stocks sank as oil and gas prices declined amid concerns about demand. British American Tobacco's shares fell to a 13-year low after announcing a $31 billion write-down due to macroeconomic pressures and declining cigarette sales. Oil futures slumped to a 5-month low, driven by worries about a slowing global economy and doubts about OPEC's production cuts. Bank stocks gained as CEOs resisted regulator proposals for higher capital requirements.