Staples Buys Office Depot; Stocks Edge Lower on Oil & Jobs Data

Stocks pulled back from a two-day winning streak at Wednesday's opening bell.
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Stocks pulled back from a two-day winning streak at Wednesday's opening bell. Wall Street is edging lower as the rally in oil prices fades and on disappointing jobs data. The ADP Employment report showed the private sector added 213,000 jobs in January, below estimates of 225,000. The private-sector data comes before the Labor Department's jobs report out Friday. Office Depot (ODP) is higher in early trading after its rival Staples (SPLS) agreed to buy it in a deal worth $6.3 billion in cash and stock. The merger will result in only one major office supplies retailer in the United States. Disney (DIS) reported a stellar quarter boosted by sales of 'Frozen' themed toys.