Stocks are held back by weak payroll report

A weak open on Wall Street as stocks are held back by weak reports on payrolls, services

Associated Press
Stocks are held back by weak payroll report
.

View photo

FILE - In this , March 25, 2013, file photo, Specialist Geoffrey Friedman works on the floor of the New York Stock Exchange Monday. Wall Street was poised for a steady opening Wednesday April 3, 2013. How U.S. shares actually perform could well hinge on the monthly private payrolls report from ADP. Another increase of about 200,000 is anticipated. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are edging lower shortly after the opening bell on Wall Street following weak surveys on hiring and service businesses.

The Dow Jones industrial average fell 35 points, or 0.2 percent, to 14,627 early Wednesday.

The Standard & Poor's 500 index was off six points at 1,563. The Nasdaq composite was down nine at 3,245.

Payroll processor ADP said U.S. companies added fewer jobs in March compared with the previous month as construction firms held off on hiring.

A report on the service sector, which includes finance, health care and retail, also came in weaker than economists had expected.

Agricultural products company Monsanto rose 1 percent to $105 after reporting a 22 percent jump in earnings thanks to strong sales of seeds.

Rates

View Comments (8)

Recommended for You