NEW YORK (AP) - Stocks closed mostly lower Wednesday after a disappointing report on the jobs market renewed concern about the economy. Treasury yields sank to new lows as investors sought safety and anticipated more stimulus measures from the Federal Reserve.
Payroll company ADP said private employers cut jobs in September for the first time in seven months. Investors are seeing a silver lining in the news, however, hoping that it could help push the Federal Reserve to take more action to get the U.S. economy going next month, including stepping up its purchases of bonds.
The Dow Jones industrial average rose 22.93, or 0.2 percent, to close at 10,967.65.
Broader indexes fell. The Standard & Poor's 500 fell 0.78, or 0.1 percent, to 1,159.97, while the Nasdaq composite index fell 19.17, or 0.8 percent, to 2,380.66.
Falling stocks narrowly outpaced rising ones on the New York Stock Exchange, where volume came to 980 million shares.
In corporate news, Johnson & Johnson agreed to buy Dutch biotechnology company Crucell NV for about $2.41 billion. Johnson & Johnson first announced it was planning an offer last month. Johnson & Johnson shares rose 41 cents to $63.21.
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