Updated from 1:57 p.m. ET with market close information and comment from House Financial Services Committee chairman Jeb Hensarling (R., Texas).
NEW YORK ( TheStreet) -- Several of the nation's largest banks saw their shares slide on Wednesday, following a disappointing employment report for April.
Shares of Goldman Sachs (GS - Get Report) were down over 2% to close at $$142.61, while JPMorgan Chase (JPM - Get Report) was down 2% to close at $48.01. Citigroup (C - Get Report) was down nearly 2% to close at $45.87.
On a brighter note, ADP said "though it accounted for most of the weakness in goods production job growth in March, construction growth picked up in April and the industry added 15,000 jobs over the month." "Job growth appears to be slowing in response to very significant fiscal headwinds," Moody's chief economist Mark Zandi said in the press release, adding that "tax increases and government spending cuts are beginning to hit the job market. Job growth has slowed across all industries and most significantly among companies that employ between 20 and 499 workers." The "fiscal headwinds" include defense budget cuts, some of which were caused by federal budget sequestration beginning March 1, that include mandatory budget cuts of $85.4 billion for fiscal 2013. The major tax increase this year is the end of the temporary 2% reduction in the Social Security payroll tax.
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