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US stocks open lower

United States America,Business/Economy, Wed, 02 May 2012 IANS

New York, May 2 (IANS) US stocks opened lower Wednesday after a private jobs report showed that hiring was slowing.


The Dow Jones industrial average fell 31.71 points, or 0.24 percent, at 13,247.61. The Standard & Poor's 500 was down 5.13 points, or 0.36 percent, to 1,400.69. The Nasdaq Composite Index dropped 16.78 points, or 0.55 percent, to 3,033.66, Xinhua reported.


According to the private payroll processing company ADP, the US economy only added 119,000 private jobs in April, well below expectations for 175,000 new jobs and sharply lower than the revised 201,000 jobs added in March.


Investors were cautious as the ADP report is always seen as a preview to the closely watched government employment report due Friday.


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