Markets Right Now: Stocks Open Lower on Wall Street – ABC News

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The Latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening lower on Wall Street as investors were discouraged by signs of weakness in the U.S. job market and some weak corporate earnings.

Payroll processing company ADP reported early Wednesday that U.S. businesses added jobs at the weakest pace in three years last month.

Banks and industrial companies fell more than the rest of the market in early trading. Citigroup gave back 2 percent.

Priceline slumped 9 percent after releasing disappointing forecasts for the current quarter.

The Dow Jones industrial average fell 119 points, or 0.7 percent, to 17,631.

The Standard & Poor’s 500 index lost 12 points, or 0.6 percent, to 2,050. The Nasdaq composite fell 28 points, or 0.6 percent, to 4,733.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.79 percent.


11:35 a.m.

Britain’s FTSE 100 is leading European stock markets lower as the mining-heavy index suffers from the news that BHP Billiton is facing a $43 billion lawsuit from Brazil’s Federal Public Prosecution for a dam break that killed 19 people and caused the worst environmental disaster in the country’s history.

The index is down 1.3 percent at 6,102, with BHP itself trading 9 percent lower. Its peers Anglo American and Antofagasta, among others, have been caught up in the fallout from the revelations, and are trading 4 percent lower.

The mining sector has been facing the strain lately from a combination of factors, including the dollar’s recent rebound and renewed global growth concerns, stemming primarily from the slowdown in China.

Elsewhere in Europe, Germany’s DAX is down 0.7 percent at 9,854 while France’s CAC-40 has fallen 0.7 percent to 4,341.