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US Stocks Edge Lower As Data Points To Solid Jobs Report

Fahad Shabbir (@FahadShabbir) Published August 31, 2016 | 10:43 PM

US stocks edge lower as data points to solid jobs report

NEW YORK, (APP - UrduPoint / Pakistan Point News - 31th August, 2016) : US stocks edged lower in cautious opening trade Wednesday as ADP private sector hiring data pointed to a solid July employment report this week. Oil shares dropped as crude prices continued their 10-day slide amid worries of no action by producers to curtail the market glut. Five minutes into trade, the Dow Jones Industrial Average lost 0.2 percent at 18,417.93.

The broad-based S&P 500 fell 0.2 percent at 2,171.04, while the tech-rich Nasdaq Composite lost 0.2 percent to 5,210.41. The ADP payrolls firm said US businesses added a solid 177,000 new staff in July, pointing to a likely good Labor Department employment report for the month on Friday. A strong jobs report could tip the balance at the Federal Reserve toward a long-awaited interest rate increase, as soon as late September.

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