Wednesday, June 3, 2009
Wall Street has opened lower as worries about the labor market and the overall health of the economy mount.
The declines in U.S. stocks come amid uncertainty in overseas markets, where buying was subdued by concerns over the sustainability of a four-month rally.
Investors have found little encouragement in a private-sector report on unemployment. The ADP National Employment Report, a precursor to Friday's crucial jobs report from the Labor Department, says employment decreased by 532,000 in May versus a revised decline of 545,000 jobs in April.
The government says factory orders rose 0.7% in April, the second increase in three months and further evidence that manufacturers may be recovering.
Still, the Commerce Department's figure is below analysts' expectations of a 0.9% increase. The department also sharply marked down the March figure to a 1.9% drop, compared with the 0.9% decline previously reported.