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Wall Street Opens Down but Off Overnight Lows on Strong ADP; Dow Down 180 Pts By Investing.com

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com — The U.S. stock market opened lower Wednesday but recovered from overnight lows following strong labor market data that provided some assurances that there is still momentum ahead of the Federal Reserve’s new tightening cycle.

At 9:45 am ET (1345 GMT), there was a drop of 184 points or 0.5% to 34,131 points. There was also a 0.5% decline and a 0.3% decrease. 

Futures on the main indexes fell more than 1 percent before the private payrolls processor reported an increase in hiring between mid-September and October. ADP reported that 568,000 new jobs were created by the private sector in September, an increase of 340,000 over the month before and well above the consensus estimate of 428,000.

 

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