BY SINEAD CAREW
U.S. stocks fell for a second day on Wednesday and the dollar dipped after weak U.S. private sector employment and manufacturing data fed worries about the U.S. economy ahead of a highly anticipated jobs report Friday.
Oil futures rallied as U.S. crude output fell for the first time in two months and the government said stockpiles grew less than some had feared. Also, Iran nuclear talks dragged on, making traders less nervous about a possible supply boost. [O/R]
The ADP National Employment Report showed that U.S. private employers added 189,000 jobs last month, well below economists’ expectations for 225,000 jobs. The report was the weakest since January 2014. A separate report showed U.S. manufacturing growth in March was at its slowest pace in almost two years.
The dollar .DXY dipped 0.13 percent against a basket of currencies after falling as much as 0.38 percent. The soft economic data reinforced the notion that the recent surge in the greenback has hit exports and dragged on the economy, which would worry Fed policymakers.
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