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Overnight Markets: Wall Street ends lower on jobs data

by Himanshu Singh on Feb 06, 2014 at 03:34

Overnight Markets: Wall Street ends lower on jobs data

US stocks closed lower on Wednesday, with the Standard & Poor’s 500 Index registering its third loss in four days, as a private report showing companies added fewer jobs than forecast overshadowed acceleration in service industries.

The Dow Jones industrial average fell five points or 0.03%, to end at 15,440. The S&P 500 dipped four points or 0.20%, to finish at 1,752. The Nasdaq Composite fell 20 points or 0.50%, to close at 4,012.

Companies added lower-than-estimated 175,000 payrolls last month as colder-than-normal weather limited progress in the US job market, a report from ADP Research Institute in Roseland, New Jersey showed yesterday.

However another report showed growth picked up in the US services sector in January, with steady strength in private-sector hiring, suggesting the harsh winter weather had a limited effect on the economy. Investors were also cautious with the US nonfarm payrolls report looming on Friday.

After the closing bell, Walt Disney Co. (DIS.N) reported a higher quarterly profit. Its stock surged 1.7% in extended-hours trading.

Twitter Inc (TWTR.N) shares slid 11.1% in extended-hours trading after the social media company reported its slowest pace of user growth during the fourth quarter.

In deal news, Green Mountain Coffee Roasters Inc (GMCR.O) shares surged nearly 40% after the close after Coca-Cola Co (KO.N) bought a 10% stake in the maker of the Keurig single-cup brewer for $1.25 billion as part of a 10-year partnership agreement.

In contrast, shares of SodaStream International Ltd (SODA.O), a manufacturer of home soda-making appliances, fell 8.9% after the bell.

Gilead Sciences Inc (GILD.O) fell 4.7% in regular trading a day after the company reported quarterly results.

Shares of Cognizant Technology Solutions (CTSH.O) fell 4.3% after the IT services provider forecast slower-than-expected revenue growth.

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