Stocks Opened Higher after Jobs, Trade Data

U.S. stocks opened higher on Wednesday as investors digested private-sector jobs report and trade deficit data. The Dow Jones Industrial Average lately added 53.52 points, or 0.30%, to 18,065.46. The S&P 500 gained 3.61 points, or 0.17%, to 2,113.21. The Nasdaq Composite was up 14.69 points, or 0.29%, to 5,091.22.

U.S. companies stepped up hiring in May, a private survey found, evidence that employers remain confident in the economy even after it contracted at the start of the year. Payroll processor ADP said Wednesday that businesses added 201,000 jobs last month, up from just 165,000 in the previous month.

The U.S. trade deficit declined sharply in April as exports posted a modest gain and imports fell, raising hopes that trade will not be as big a drag on economic growth in the current quarter. The April deficit dropped 19.2 percent to $40.9 billion after surging to $50.6 billion in March, the Commerce Department said Wednesday.

The global economy will strengthen slowly in the next 18 months and growth will only approach its precrisis pace at the end of 2016, the Organization for Economic Cooperation and Development said Wednesday.

Vera Bradley Inc. swung to a loss in its first quarter and again issued dismal guidance. In its latest quarter, sales at stores open at least a year plunged 22%, while online sales dropped 9.7%, amid lower traffic and lower levels of online promotions.