Stocks Opened Higher and Turned Lower

U.S. stocks opened slightly higher and turned lower on Wednesday, as investors assessed reports on private-sector hiring and productivity, both of which came in below expectations. The Dow Jones Industrial Average lately dropped 81.84 points, or 0.46%, to 17,846.36. The S&P 500 fell 11.34 points, or 0.54%, to 2,078.12. The Nasdaq Composite added 28.94 points, or 0.59%, to 4,910.39.

U.S. private employers in April added the fewest number of workers in more than a year. Private payrolls increased 169,000 last month, the ADP National Employment Report showed. That was the fewest since January 2014 and far below economists’ expectations
for a gain of 200,000 jobs.

Drugmaker Alexion Pharmaceuticals Inc said it would buy Synageva BioPharma Corp for $8.4 billion at a hefty premium to expand in the lucrative market for drugs that treat rare diseases.

Greece made a small interest payment to the International Monetary Fund on Wednesday but European lenders dashed hopes for a cash-for-reforms deal before a more crucial, bigger instalment Athens must pay next week.

Last week, billionaire entrepreneur and Tesla Motors CEO Elon Musk unveiled at the Tesla’s design studio, his yet another ambitious mission of solar panel-connected batteries for homes and businesses.