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US stocks falter on weak April hiring data

AFP

Wall Street stocks opened lower Wednesday as disappointing private-sector hiring figures for April added to worries the US economy is slowing.

US companies added 156,000 jobs last month, about 40,000 less than analysts had expected, and down from 194,000 in March, said payrolls group ADP.

The report comes on the heels of data last week that showed sluggish US growth in the first quarter. Analysts expect the Department of Labor will report Friday a slowdown in jobs growth in April.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,671.50, down 0.5 percent.

The broad-based S&P 500 fell 0.5 percent to 2,053.90, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 4,740.29.