Stocks Opened Higher despite Disappointing Jobs Report

U.S. stocks opened solidly higher on Wednesday, even as a report on private-sector employment for May showed the weakest growth since 2010. The Dow Jones Industrial Average lately advanced 105.12 points, or 0.41%, to 25,437.30. The S&P 500 rose 9.06 points, or 0.32%, to 2,812.33. The Nasdaq Composite gained 25.23 points, or 0.34%, to 7,552.35.

Oil prices fell Wednesday, as U.S. data hinted at a supply build and with futures unable to extend Tuesday’s recovery session. West Texas Intermediate crude for July delivery slipped 56 cents, or about 1.1%, at $52.92 a barrel. August Brent fell 30 cents, or 0.5%, at $61.65 a barrel.

New private sector payrolls rose by just 27,000 in May, ADP Research Institute and Moody’s reported Wednesday, versus 185,000 new private payrolls expected by consensus economists polled by Bloomberg. Small business slashed 52,000 jobs in May, ADP said. Medium-sized firms added 11,000, and large companies added 68,000.