Stocks Opened Lower on Weak Economic Data

U.S. stocks opened lower on Wednesday, as investors grappled with a number of weaker-than-expected economic reports that suggested the economy continues to grow at a slow pace. The Dow Jones Industrial Average lately dropped 65.30 points, or 0.37%, to 17,685.61. The S&P 500 was down 8.90 points, or 0.43%, to 2,054.47. The Nasdaq Composite fell 17.14 points, or 0.36%, to 4,746.08.

U.S. companies added jobs at the slowest pace in three years in April, a private survey found, a sign that slower growth and volatile financial markets could weigh on hiring. Payroll processor ADP said Wednesday that businesses added 156,000 jobs in April, down from 194,000 in March. Manufacturers shed 11,000 jobs, after losing 3,000 the previous month. Services firms added 166,000, down from 189,000.

U.S. productivity fell again in the first three months of the year, while labor costs rose at the fastest pace in more than a year. Productivity declined at an annual rate of 1 percent in the January-March period, following a 1.7 percent decline in October-December quarter, the Labor Department reported Wednesday.

Time Warner on Wednesday reported improved first-quarter results that exceeded Wall Street estimates as all units posted higher bottom-line results. The company reported adjusted earnings of $1.49 per share, compared with $1.19 in the year-ago period and the $1.30 Wall Street consensus estimate. Net income rose 25 percent to $1.21 billion from $970 million.