Stocks Opened Flat after Private-sector Jobs Report

U.S. stocks opened flat on Wednesday after a better-than-expected private sector hiring pointed to a healthy labor market, making an interest rate increase by the Federal Reserve next week near certain. The Dow Jones Industrial Average lately rose 10.85 points, or 0.05%, to 20,935.61. The S&P 500 rose 3.93 points, or 0.17%, to 2,372.32. The Nasdaq Composite rose 22.02 points, or 0.38%, to 5,855.95.

The private sector recorded the third-best showing for jobs creation during the current economic recovery, according to new figures released by payrolls processor ADP on Wednesday. The U.S. added 298,000 private-sector jobs in February, the most since April 2014, according to ADP.

The increase in productivity among American firms and workers was left unchanged at 1.3% in the fourth quarter, marking the performance in 2016 as the worst in five years. The increase in output, or how much goods and services companies produce, was raised to 2.4% from 2.2%. Hours worked rose 1% instead of 0.9%.

Crude oil prices declined Wednesday as investors braced for a further rise in U.S. oil inventories as well as a tapering of China’s demand. Light, sweet crude futures for delivery in April fell 41 cents, or 0.8% to, $52.73 a barrel. May Brent crude fell 33 cents, or 0.6%, to $55.59 a barrel.