Stocks Fall after ADP Report

U.S. stocks retreated at open on Wednesday, following a stronger-than-expected private-sector jobs
report. The Dow Jones Industrial Average lately lost 46.99 points, or 0.30%, to 15,867.63. The S&P
500 was last down 6.09 points, or 0.34%, to 1,789.06. The Nasdaq Composite shed 7.64 points, or
0.19%, to 4,029.56.

U.S. private employers hired more workers than expected in November, suggesting the labor market
was improving enough for the Federal Reserve to start trimming its bond purchases. Private
employers added 215,000 new jobs to their payrolls last month, the ADP National Employment Report
showed.

The nation’s trade deficit fell 5.4% to $40.6 billion in October, as the U.S. exported more
petroleum, soybeans and collectibles while buying foreign-made goods at a slower rate, the
Commerce Department reported Wednesday.

The price of oil rose above $97 a barrel Wednesday on expectations of a sharp fall in U.S. crude
stockpiles. By early afternoon in Europe, benchmark crude for January delivery was up $1.06 to
$97.10 a barrel in electronic trading on the New York Mercantile Exchange.

Express Inc. (EXPR) lowered its guidance for the fiscal year as the apparel retailer said
Thanksgiving week sales exceeded last year’s levels but didn’t meet expectations. For the current
quarter, the company forecast per-share earnings of 66 cents to 71 cents, below recent estimates
of analysts polled by Thomson Reuters for 78 cents.