Stocks Traded Mostly Lower, Oil Futures Climbed

U.S. stocks traded mostly lower on Wednesday, giving back some gains after hitting record levels a day earlier. The Dow Jones Industrial Average lately fell 7.49 points, 0.03%, to 29,816.43. The S&P was up 2.45 points, or 0.07%, to 3,664.90. The Nasdaq Composite declined 10.33 points, or 0.08%, to 12,344.78.

Oil futures climbed on Wednesday as traders bet that the OPEC+ alliance will extend output cuts into the new year and U.S. government data revealed a decline in domestic crude inventories for a a second week in a row. West Texas Intermediate crude for January delivery was up 67 cents, or 1.5%, to $44.22 a barrel. February Brent crude added 60 cents, or 1.3%, at $49.02 a barrel.

U.S. private sector employers added back fewer jobs than expected in November, with the coronavirus pandemic still exerting pressure on the labor market. Private payrolls increased by 307,000 in November, according to ADP’s monthly jobs report, following an upwardly revised gain of 404,000 in October.