US stocks slide in morning trading

ALEX VEIGA AP Business Writer Published:

U.S. stocks declined in Wednesday morning trading following a modest recovery the day before.

KEEPING SCORE: The Dow Jones industrial average was down 39 points, or 0.3 percent, to 15,405 at 9:51 a.m. Eastern time. The Standard & Poor's 500 index slipped eight points, or 0.5 percent, to 1,747. The Nasdaq composite fell 27 points, or 0.7 percent, to 4,003.

JOB GROWTH: A private survey on Wednesday showed that U.S. businesses added jobs at a steady but modest pace in January, a sign that hiring has rebounded after a disappointing figure in December. Payroll processor ADP said companies added 175,000 jobs last month. That's down from 227,000 in December, which was revised lower. But it was much better than the government's official figure of just 74,000 new jobs in December. The ADP numbers cover only private businesses and often diverge from the government's more comprehensive report.

EUROPE SLUGGISH: European stocks shifted between slight gains and losses after data showed disappointing retail sales across the 18-country eurozone in the crucial shopping month of December. Britain's FTSE 100 and the CAC-40 in France edged up 0.5 percent. Germany's DAX rose 0.4 percent.

ASIA MARKETS CLOSE: Markets in Mainland China remain closed for the Lunar New Year holiday until Friday. But the region's second-biggest market, Hong Kong, stayed lower. The Hang Seng slipped 0.6 percent and stocks in Taiwan also fell. Japan's market recovered slightly as the Nikkei 225 rose 1.2 percent. It remains down 13 percent for the year. Elsewhere in Asia, stock indexes rose in New Zealand, Indonesia, India, the Philippines and Thailand. They fell in Australia.

THAT'S ENTERTAINMENT: Time Warner said Wednesday that its fourth-quarter net income dropped 12 percent, as investments in programing and other costs offset revenue growth. Still, the media and entertainment company's adjusted profit beat Wall Street predictions. Its shares were down $1.25, or 2 percent to $61.16. The stock is down 12 percent this year.

BIG DECLINERS: Freight transportation company C.H. Robinson Worldwide led the S&P 500's decliners, falling 5.47, or 9.3 percent to $53.17. Health care information services provider Cerner also fell sharply, shedding $4.11, or 4.2 percent, to $92.90.

MONEY HANDLERS: Several financial services companies were posting gains early Wednesday. Genworth Financial was up 45 cents, or 3.1 percent, to $14.96 after reporting first-quarter earnings. Ameriprise Financial rose $2.01, or 1.9 percent, to $105.40. The Hartford Financial Services Group gained 16 cents, or 0.5 percent, to $32.97.

TREASURIES: The yield on the 10-year Treasury note edged up to 2.64 percent from 2.63 percent on Tuesday. The yield, which affects rates on mortgages and other consumer loans, has dropped from 3 percent at the start of the year as investors have bought bonds amid concern that U.S. growth is slowing.

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