NEW YORK (AP) — Stocks are opening lower a day after the Dow Jones industrial average closed at its highest level in 2 ½ years.
All three major indexes fell Wednesday despite relatively positive earnings results from Time Warner, Hershey and AOL. Payroll processor ADP also reported that private companies added 187,000 jobs in January, more than economists were expecting.
Still, some investors may have sold stocks and taken profits after the Dow closed above 12,000 on Tuesday for the first time since June 2008. Another major market index, the Standard & Poor's 500, closed above 1,300.
In early trading, the Dow is down 15, or 0.1 percent, at 12,025. The S&P 500 index is down 4, or 0.3 percent, at 1,304. The Nasdaq composite is down 5, or 0.2 percent, at 2,746.