NEW YORK (AP) – U.S. stocks fell broadly in early trading Wednesday after the release of weak U.S. economic reports. Oil prices rose, helping drillers and other energy companies move higher. Eight of the 10 industry sectors of the Standard and Poor’s 500 index were lower, led by telecommunications companies.
KEEPING SCORE: The S&P 500 fell nine points, or 0.5 percent, to 2,080 as of 10:17 a.m. Eastern time. The Dow Jones industrial average fell 101 points, or 0.6 percent, to 17,827. The Nasdaq composite dropped 26 points, or 0.5 percent, to 4,913.
HIRING SLOWS: U.S. payroll processor ADP said hiring slowed in April to its weakest pace in nearly a year and a half, as a strong dollar dragged down overseas sales and energy companies cut back on spending. A separate government report showed U.S. worker productivity declined in the first three months of the year as labor costs jumped, reflecting a slowdown in growth.
ENERGY RISING: Oil drillers and other energy-related companies led the market higher with an 0.4 percent gain. Benchmark U.S. crude jumped $1.44 to $61.84 per barrel on the New York Mercantile Exchange. Crude oil climbed above $60 a barrel for the first time this year on Tuesday following reports that a Libyan oil terminal had closed.
DRUG BOOST: Shares of Synageva BioPharma soared 122 percent after Alexion Pharmaceuticals said it would pay a huge premium to buy the rare disease treatment maker in an $8.4 billion deal. Synageva has no products on the market and lost nearly $60 million in the first quarter. Its stock rose $111.36 to $207.39.