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.
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