NEW YORK — Stocks fluctuated between small gains and losses Wednesday after a private jobs report suggested that U.S. employers pulled back on hiring last month. Investors were also in wait-and-see mode ahead of two important economic reports later this week.
KEEPING SCORE: The Dow Jones industrial average lost five points, or 0.1 percent, to 16,716 as of 11:15 a.m. Eastern. The Standard & Poor's 500 index was up two points, or 0.1 percent, to 1,926 and the Nasdaq composite rose 10 points, or 0.2 percent, to 4,244.01. The Nasdaq got a boost from Apple, its biggest component, which gained $6.64, or 1 percent, to $644.02.
JOB WATCH: The payroll processor ADP said U.S. businesses slowed their hiring last month, adding just 179,000 workers to their payrolls. That's the weakest hiring in four months and well below what economists had expected.
The report suggests the government's monthly jobs report, due out Friday, could reveal a modest slowdown in hiring. Economists believe U.S. employers added 220,000 jobs in May, a pullback from April, which ended with a surprisingly strong 288,000 job additions.
ACROSS THE ATLANTIC: Investors in the U.S. and in Europe are waiting to hear from the European Central Bank on Thursday, when the bank is expected to announce its latest decision on interest rate policy. The bank is expected to cut rates to help stimulate growth across the eurozone, which has lagged behind the U.S.
Speculation over the ECB's interest rate decision has sent foreign buyers into the U.S. bond market in recent weeks. The yield on the 10-year Treasury note was little changed at 2.60 percent. It went as low at 2.44 percent last week, the lowest in almost a year.
INSURANCE DEAL: Protective Life jumped $10.53, or 18 percent, to $69.25 after Japanese insurance company Dai-ichi Life said it would buy the company for $70 a share, or $5.7 billion.
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