U.S. stocks are closing lower as investors worry about the economy, interest rates and stock valuations.

Payroll processor ADP said hiring slowed in April to its weakest pace in nearly a year and a half. Traders were also concerned that Federal Reserve Chair Janet Yellen said stock market valuations were high.

The Standard & Poor's 500 index fell nine points, or 0.5 percent, to 2,080.

The Dow Jones industrial average dropped 86 points, or 0.5 percent, to 17,841. The Nasdaq composite declined 19 points, or 0.4 percent, to 4,919.

News Corp., which publishes The Wall Street Journal, fell 6 percent after its results missed forecasts. Noodles & Co. plunged 19 percent.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.23 percent, the highest in two months.