US stocks slide in morning trading

Source: AP-EXCITE

By ALEX VEIGA

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.

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In this Tuesday, Feb. 4, 2014, photo, the handheld device of trader Sal Suarino is reflected in his glasses as he works on the floor of the New York Stock Exchange. Shares held steady Wednesday Feb. 5, 2014 as wary investors took heart from modest recoveries from sell-offs the day before, but there wasn't much bounce to the rebound. (AP Photo/Richard Drew, File)