Stocks: Jobs data rattles investors

Written By limadu on Rabu, 03 April 2013 | 21.29

NEW YORK (CNNMoney)

The Dow Jones industrial average and S&P 500, which both finished at record highs a day earlier, slipped 0.1%. The Nasdaq was flat.

Payroll processing firm ADP reported Wednesday that the U.S private sector added 158,000 jobs in March.

That was weaker than expected and comes just days ahead of the government's closely watched monthly jobs report.

On Friday, the Labor Department is slated to release the March jobs report ahead of the opening bell. Analysts expect the economy to have added 192,000 jobs last month, according to Briefing.com.

Also on tap Wednesday is the Institute for Supply Management's monthly service-sector index.

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On the corporate front, shares of Zynga (ZNGA) shot higher after the online gaming firm announced it would soon launch its first real money games -- ZyngaPlusPoker and ZyngaPlusCasino -- in the U.K..

Monsanto (MON, Fortune 500) shares rose after the company's profit and earnings topped expectations on strong sales of its biotech seeds.

Shares of ConAgra (CAG, Fortune 500) declined after the food producer said its quarterly profit tumbled 57% due to costs associated with its acquisition of Ralcorp.

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Retailer J.C. Penney's (JCP, Fortune 500) shares edged slightly lower even after the company disclosed late Tuesday that it had slashed the pay of CEO Ron Johnson.

Tesla (TSLA) shares declined as investors were underwhelmed by the electric car maker's announcement of a new financing option for buyers.

European markets slipped in afternoon trading, while Asian markets ended mixed. The Shanghai Composite and the Hang Seng lost 0.1%.

Meanwhile, the Nikkei added 3% as the Bank of Japan was expected to announce deflation fighting measures in its first meeting under the leadership of Haruhiko Kuroda.

The dollar declined against the euro, the British pound and the Japanese yen.

Oil and gold prices edged lower.

The price on the 10-year Treasury yield rose, pushing the yield down to 1.85% from 1.86% late Tuesday. To top of page

First Published: April 3, 2013: 9:56 AM ET


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