U.S. stocks slumped on Wednesday, following disappointing jobs data. The ADP employment report showed only 156,000 jobs were created in the private sector in April, missing estimates of 193,000. This report tends to foreshadow what is to come in Friday's jobs report from the Bureau of Labor Statistics. Mining companies BHP Billiton (BHP) and Vale (VALE) were hit with a $45 billion lawsuit stemming from a dam collapse in Brazil that killed over a dozen people back in November. Etsy (ETSY) shares surged after posting an unexpected profit in its first quarter. Net income stood at $0.01 a share, while analysts were expecting a loss of $0.02. This is its first quarterly profit since its debut as a public company in April of last year. TheStreet's Scott Gamm reports from Wall Street.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.