Stocks Opened Higher after Economic Data

U.S. stocks opened higher on Wednesday after data showed US private job growth slowed and trade deficit widened. The Dow Jones industrial average lately rose 74.97 points, or 0.43%, to 17,625.66. the S&P 500 gained 15.89 points, or 0.76%,, to 2,109.21 and the Nasdaq composite added 55.58 points, or 1.09%, to 5,161.13.

U.S. private employers hired 185,000 workers in July, which was the smallest increase since April and reduced expectations of a strong jobs reading in the government’s payrolls report due Friday, according to a payrolls processor on Wednesday.

Other economic data on Wednesday showed a widening of the trade deficit in June as solid domestic demand in the second quarter and a strong dollar sucked in imports of food and automobiles. The Commerce Department said the trade deficit increased 7.1 percent to $43.8 billion, which also reflected a second straight monthly drop in exports.

Time Warner on Wednesday reported better-than-expected second-quarter earnings. It posted earnings per share of $1.25 compared with 98 cents in the year-ago period. Wall Street had on average forecast $1.02-$1.03.

Dish Network Corp (DISH.O) reported higher-than-expected quarterly revenue and profit as it earned more per pay-TV subscriber and added broadband Internet users. Its average revenue per pay-TV user rose to $87.91 in the second quarter from $84.15, a year earlier.