Stocks Opened Higher despite Grim Jobs Report

U.S. stocks opened higher on Wednesday, as investors digested a report on private-sector employment, which underscored the damage of the coronavirus-induced lockdowns on jobs. The Dow Jones Industrial Average lately rose 89.18 points, or 0.37%, to 23,972.27. The S&P 500 added 15.35 points, or 0.54%, to 2,883.79. The Nasdaq Composite advanced 90.23 points, or 1.02%, to 8,899.35.

Crude-oil futures turned lower early Wednesday, giving up modest gains, as investors anticipated a key report on weekly crude supplies in the U.S. West Texas Intermediate crude for June delivery was off $1.61, or 6.5%, at $22.98 a barrel. July Brent crude was off $2.05, or 3.8%, at $29.75 a barrel.

U.S. private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the novel coronavirus outbreak savaged the economy.

General Motors Co (GM) on Wednesday outlined plans for a May 18 restart of most of its North American plants shut down by the coronavirus pandemic as it reported a stronger than expected quarterly profit. GM posted net income attributable to common stockholders of $247 million or 17 cents per share, down more than 88% from $2.12 billion or $1.48 per share in the same period in 2019. Excluding one-time items, GM reported 62 cents per share, well above the 30 cents per share expected by Wall Street analysts.

Uber Technologies Inc said on Wednesday it will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will waive his base salary for the remainder of the year.