Stocks Opened Marginally Higher

U.S. stocks opened marginally higher on Wednesday amid weaker-than-expected economic reports on private-sector hiring and productivity. The Dow Jones Industrial Average lately gained 9.47 points, or 0.05%, to 17,889.02. The S&P 500 was up 4.05 points, or 0.20%, to 2,070.60. The Nasdaq Composite added 8.63 points, or 0.18%, to 4,764.44.

U.S. nonfarm productivity grew a bit faster than initially thought in the third quarter, while sharp downward revisions to compensation pointed to muted wage inflation that should give the Federal Reserve room to keep interest rates low for a while. The Labor Department said on Wednesday productivity expanded at a 2.3 percent annual rate instead of the previously reported 2.0 percent pace.

U.S. businesses hired at a solid pace last month, according to a private survey, a signal that Friday’s November jobs report from the government will likely also show strength. Payroll processer ADP said Wednesday that companies added 208,000 jobs in
November, the third straight month that hiring has topped 200,000.

ExxonMobil can weather the downturn in oil prices even if prices spiral to $40 per barrel, CEO and Chairman Rex Tillerson tells CNBC.