Stock market opens lower on Fed pullback concerns
New York » The stock market is opening lower after a strong employment report raised expectations that the Federal Reserve could pull back on its economic stimulus.
The Dow Jones industrial average fell 55 points to 15,858 in early trading Wednesday. The Standard & Poor’s 500 index fell eight points to 1,787. The Nasdaq fell 17 points to 4,019.
A private survey showed U.S. businesses last month added the most jobs in a year. More signs of a strengthening economy and improving jobs market could persuade the Fed to reduce its $85 billion in monthly bond purchases.
Investors will get another gauge of the jobs market when the government releases a November employment report Friday.
Sears dropped $5.16, or 9 percent, $50.39 after a billionaire hedge-fund manager cut his stake in the company.