NEW YORK (AP) – The stock market’s rally shifted into neutral on Wednesday, and U.S. indexes flipped between very slight gains and losses in early trading. If the Standard & Poor’s 500 ends the day lower, it would be the first loss for the index in seven days.
KEEPING SCORE: The Standard & Poor’s 500 index slipped by a quarter of a point, or less than 0.1 percent, to 2,534, as of 10:05 a.m. Eastern time. The Dow Jones industrial average rose 14 points, or 0.1 percent, to 22,655, and the Nasdaq composite slipped nearly 6 points, or 0.1 percent, to 6,525. The Russell 2000 index of small-cap stocks lost nearly 2 points, or 0.1 percent, to 1,510. All four indexes set records on Tuesday.
JOB WATCH: A report from payroll processor ADP said that hiring by private employers weakened sharply last month, a setback for an economy that had been enjoying a generally strengthening job market. But economists and investors were expecting a low number because of the damage done by hurricanes Harvey and Irma, which hopefully will be only temporary.
The government will release its more comprehensive jobs report on Friday, and economists are also forecasting a weaker number for that.
APPROVED: Mylan surged to the biggest gain in the S&P 500 after federal regulators approved its generic version of Teva’s Copaxone drug for multiple sclerosis. Mylan jumped $5.84, or 18 percent, to $38.37.