Midday Report: Crude Inventories Add 2.8M Barrels; U.S. Stocks Slide

U.S. stocks remained lower on Wednesday despite factory orders in March rebounding at a faster-than-expected pace. Orders jumped more than one percent, a relief to a battered manufacturing sector which has suffered from a stronger dollar and weaker global economy. The ISM Non-Manufacturing Index enjoyed a better April than expected. Strong gains in the new orders and employment components helped to drive the increase. Crude prices lost gains after a weekly read on U.S. stockpiles showed a greater-than-expected increase in the past week. Time Warner (TWX) rose after growth at Turner Broadcasting and HBO boosted quarterly earnings. Revenue at its Warner Brothers studio took a hit, though, as its 'Batman v Superman' blockbuster failed to match strong showings from 'American Sniper' and 'The Hobbit' a year earlier. TheStreet's Keris Lahiff reports from Wall Street.