This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Tread Water With Mixed Finish


NEW YORK ( TheStreet) -- It was a mixed finish for stocks Wednesday as investors pondered a disappointing private-sector employment report ahead of Friday's official April jobs data.

The Dow Jones Industrial Average dipped 11 points, or 0.1%, to close at 13,268. The blue-chip index was in negative territory all day but did manage a healthy bounce off a session low of 13,192. On Tuesday, the Dow hit a high of 13,359.60, its best level since late 2007.

The S&P 500 slipped nearly 4 points, or 0.2%, to settle at 1402, trading in a rough range of 11 points.

The Nasdaq added 9 points, or 0.3%, to close at nearly 3060 after running as low as 3029 earlier in the session.

"People sometimes react emotionally instead of cerebrally [to economic reports]," says Joseph Montero, partner at WeiserMazars. "After the shock value of a report comes out, they sort it out and come back to normal."

Breadth within the Dow was slightly negative with 16 of the index's 30 components moving lower. The biggest percentage decliners were Alcoa (AA), Bank of America (BAC), JPMorgan Chase (JPM), Chevron (CVX) and Exxon Mobil (XOM).

Shares of Alcoa shed about 2.4% to qualify as the Dow's biggest loser. Bloomberg reports that a joint venture between the company and Alumina (AWC) will produce 15.5 million metric tons of alumina this year, down 3% from its February forecast and down from a record 15.7 million tons last year because of slow demand.

Stocks kicked off May on a strong note Tuesday, posting smart gains after a much better-than-expected report on U.S. manufacturing activity.

On Wednesday, sentiment took a knock as payroll processor Automatic Data Processing reported a much weaker-than-expected increase of 119,000 workers added by U.S. companies in April on a seasonally adjusted basis, down from a downwardly-revised 201,000 jobs added in March.

Economists surveyed by Thomson Reuters estimated the April ADP number would come in at 170,000.

The light read on employment comes ahead of Friday's official April nonfarm payrolls report from the Labor Department, adding to investor fears that this report will deliver more of the same after a soft number in March.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
CHK $7.32 -0.81%
V $70.00 0.55%
AAPL $110.11 -2.00%
FB $88.02 -2.10%
GOOG $603.23 -1.80%

Markets

Chart of I:DJI
DOW 16,373.39 +22.01 0.13%
S&P 500 1,955.14 +6.28 0.32%
NASDAQ 4,748.4230 -1.5560 -0.03%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs