NEW YORK (Reuters) — US stocks fell as concerns about the outlook for software maker Oracle Corp. hit technology shares and investors worried that November job growth could discourage the Federal Reserve from cutting interest rates any time soon.ADP Employer Services said 158,000 private-sector jobs were added in November, above forecasts for a 110,000 gain. The closely watched report on nonfarm payrolls is due tomorrow.

The Labor Department’s report includes government workers, while the report from ADP — a unit of payroll services company Automatic Data Processing — does not.

The possibility that the government would report stronger-than-expected job growth on Friday led stock investors to pause after two sessions of strong gains.

“The ADP is the likely reason why the stock market is down,” said Stephen Massocca, co-chief executive of San Francisco-based investment bank Pacific Growth Equities.

“The ADP number told everybody the economy was OK, employment was fine and, presumably, the Fed would be more inclined to tighten.”

The Dow Jones industrial average was down 22.35 points, or 0.18 percent, to end at 12,309.25. The Standard & Poor’s 500 Index was down 1.86 points, or 0.13 percent, to finish at 1,412.90, after earlier hitting a fresh six-year high at 1,415.93. The Nasdaq Composite Index was down 6.52 points, or 0.27 percent, to close at 2,445.86.

Volume was fairly active on the NYSE, where about 1.54 billion shares changed hands, below last year’s daily average of 1.61 billion.

On the Nasdaq, about 1.95 billion shares were traded, above last year’s daily average of 1.80 billion.

Decliners outnumbered advancers by a ratio of about 9 to 7 on the NYSE, while on the Nasdaq, about eight stocks fell for every seven that rose.

Oracle’s shares were the Nasdaq 100’s biggest decliner, falling 5.2 percent, or 98 cents, to $17.88 after Lehman Brothers said investors should sell the stock because the company’s quarterly database software sales may miss forecasts. Oracle is due to post earnings on December 18.

Shares of Microsoft Corp., the world’s biggest software company, slipped 0.5 percent, or 14 cents, to $28.99 on the Nasdaq.

The stock was the fourth-biggest drag on the Nasdaq 100. Also weighing on the Nasdaq were the shares of Apple Computer Inc., down 1.6 percent, or $1.44, at $89.83, and the stock of security software maker Symantec Corp., down 2.5 percent, or 51 cents, at $20.11. Exxon Mobil Corp., the world’s biggest publicly traded oil company, was the biggest loser in both the Dow and the S&P 500.

Its stock slid 2.2 percent, or $1.75, at $76.31 on the New York Stock Exchange as crude oil prices fell on forecasts of warmer weather.

US crude oil for January delivery declined 24 cents to settle at $62.19 per barrel on the New York Mercantile Exchange.

Shares of Merck & Co. Inc. fell 0.8 percent, or 34 cents, to $44.67 on the NYSE. The drug maker’s 2007 forecast disappointed some investors who had hoped for a more upbeat projection.

Concerns about the outlook for interest rates prompted investors to sell some financial services stocks because higher rates can raise banks’ funding costs and make it more difficult for them to make money on loans.

Shares of JPMorgan Chase & Co., the third-largest US bank, slipped 0.8 percent, or 37 cents, to $46.83 on the NYSE.

The Philadelphia Keefe Bruyette & Woods index of bank stocks slipped 0.1 percent.

“The ADP number caused some selling in bonds so maybe the uptick in interest rates is fuelling the belief that the Federal Reserve won’t be cutting rates as the labour market holds up,” said Peter Boockvar, equity strategist at Miller Tabak & Co. in New York.

But a broker’s upgrade propelled the shares of Goldman Sachs Group Inc. to a record high at $205.05 during the session.

The investment bank’s stock was the S&P 500’s top advancer, rising 1.7 percent, or $3.39, to close at $205.00 on the NYSE. Merrill Lynch increased its price target on the stock to $222 from $200. The Nasdaq’s biggest losers included Yahoo Inc., down 2.1 percent, or 57 cents, at $26.86.

The stock dropped after the Internet media company announced a management shake-up, which analysts said could increase risk for the company in the short term.