Stocks Opened Modestly Lower after Jobs Data

U.S. stocks opened modestly lower on Wednesday after a report showed that the private sector added a better-than-expected 179,000 new jobs last month. The Dow Jones Industrial Average lately fell 3.66 points, or 0.02%, to 18,317.43. The S&P 500 dipped 0.01 point, to 2,157.02. The Nasdaq Composite declined 2.95 points, or 0.06%, to 5,140.68.

Private-sector hiring held steady in July, as employers added 179,000 jobs in July after a revised 176,000 job gains in the prior month, ADP reported Wednesday.

Oil futures regained a little ground Wednesday on hopes U.S. data will show a drawdown in stockpiles. Light, sweet crude futures for delivery in September rose 33 cents, or 0.8%, to $39.84 a barrel. October Brent crude rose 31 cents, or 0.7%, to $42.11 a barrel on Wednesday.

Office Depot Inc., three months after its proposed tie-up with larger rival Staples Inc. failed regulatory muster, said it would launch a quarterly dividend and close an additional 300 stores as it charts a course for remaining a stand-alone company.