Stocks Down on Job Data

By Kevin Spak,  Newser Staff
Posted Jun 3, 2009 8:43 AM CDT
Traders gather at the post on the floor of the New York Stock Exchange that handles General Motors, Monday June 1, 2009.   (AP Photo/Richard Drew)
camera-icon View 2 more images

(Newser) – Stocks headed lower at the open today, ahead of much-anticipated testimony from Ben Bernanke, the Wall Street Journal reports. The Dow fell 40 points, while the Nasdaq and S&P fell 13 and 8 points respectively. The US lost 532,000 private sector jobs in May, according to an ADP report, a slight improvement on the 550,000 analysts expected. Credit Suisse reaffirmed its 920 target for the S&P 500, but noted that rising bond yields made stocks less attractive. (Read more Dow Jones stories.)