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US stocks trim losses despite weak data

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

New York, May 2 (IANS) US stocks trimmed early losses and traded mixed Wednesday even after weak reports on both private jobs and durable goods orders.

 

Major indexes opened lower after a report from the private payroll processing company ADP showed the US economy only added 119,000 private jobs in April, well below the market expectation of 175,000 and also sharply lower than the revised figure of 201,000 for March, Xinhua reported.

 

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

 

Another report from the Commerce Department showed new orders for US factory goods dropped 1.5 percent in March, the biggest decline in three years, as demand for transportation equipment and a range of other goods slumped.

 

However, stocks cut losses despite the weaker-than-expected data. In midday trading, the Dow Jones industrial average fell 26. 71 points, or 0.20 percent, to 13,252.61. The Standard & Poor's 500 was down 4.35 points, or 0.31 percent, to 1,401.47. The Nasdaq Composite Index added 4.20 points, or 0.14 percent, to 3,054.64.

 


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