Bad News About Jobs Spooks Markets

By: AP
By: AP

NEW YORK (AP) -- Stocks are opening lower on Wall Street on disappointing jobs reports in both Europe and the U.S.

The Dow is down 55 points to 13,224 in the opening minutes of trading Wednesday. The day before it closed at the highest point in four years.

The broader Standard & Poor's 500 index is down 8 points at 1,398. The Nasdaq composite index is down 15 points at 3,035.

In the 17 countries that use the euro, unemployment climbed to 10.9 percent in March, the highest since the euro was launched in 1999.

In the U.S., payroll processor ADP says U.S. businesses slashed hiring in April, creating 119,000 jobs compared to 201,000 in March. The report covers only private sector hiring, and can differ from official government figures, which are due Friday.


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