US stocks drift following weak hiring report

AP News
Posted: Jun 04, 2014 12:04 PM
US stocks drift following weak hiring report

NEW YORK (AP) — Stocks are fluctuating between small gains and losses after a payroll company said U.S. companies pulled back on hiring last month.

Handbag and luxury accessory maker Coach slumped 2 percent. Protective Life Corp. jumped 18 percent on news that the company would be bought by the Japanese insurer Dai-ichi Life Insurance for $5.7 billion.

In economic news, payroll company ADP reported a pullback in hiring at private companies, and the U.S. trade deficit jumped to a two-year high.

The Standard & Poor's 500 index edged up two points, or 0.1 percent, to 1,926 as of noon Eastern time Wednesday.

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The Dow Jones industrial average was little changed at 16,724. The Nasdaq composite rose 15 points, or 0.4 percent, to 4,249.

The Nasdaq got a boost from Apple, its biggest component.