NEW YORK - US STOCKS slid lower at the open Wednesday after a weak private employment report stoked concerns about this week's official November jobs data and the spiraling economic downturn.
The Dow Jones Industrial Average dropped 169.81 points (2.02 per cent) to 8,249.28 in opening trade and the Nasdaq composite fell 33.66 points (2.32 per cent) to 1,416.14.
The Standard & Poor's 500 retreated 17.52 points (2.06 per cent) to 831.29.
The major indices on Tuesday rebounded in highly volatile trade, partly clawing back from a savage rout the previous day. The Dow rallied 270.00 points (3.31 per cent), the Nasdaq climbed 51.73 points (3.70 per cent) and the S&P 500 added 32.60 points (3.99 per cent).
The US private sector lost 250,000 jobs in November, the largest decline in six years, in a further indication of a tightening labor market amid recession, according to the ADP National Employment Report.
'The ADP report doesn't account for government activity like the monthly payroll report from the government does, yet it has cast a worrisome shadow over the more comprehensive employment report that comes out Friday,' said Patrick O'Hare, analyst at Briefing.com.
'The latest estimate for nonfarm payrolls shows an expected decline of 325,000 positions,' he added, referring to the Labor Department's November report due Friday. -- AFP
