The S&P 500 and the Dow Jones Industrial Average dip as energy stocks suffer their worst drop in nearly six months. Fred Katayama reports.
Choppy session, mixed markets on Wall Street after a surprisingly strong hiring report. The ADP National Employment report showed private employers added 298,000 jobs last month. That's way more than the 190,000 economists had expected. The report spurred buying in bank stocks like Citigroup and Wells Fargo. PNC chief investment strategist Bill Stone: SOUNDBITE: BILL STONE, CHIEF INVESTMENT STRATEGIST, PNC, (ENGLISH) SAYING: "The much better than expected ADP report which really drove - although they didn't have much higher to go - but certainly drove expectations for the Fed to hike in March, so essentially, now, the markets are pricing in a 100 percent chance that the Fed hikes next week." Falling crude oil prices pressured Dow components ExxonMobil and Chevron. U.S. oil inventories surged to a record high last week. Also weighing on the blue chip index: Caterpillar. The New York Times says a U.S. government report accuses the construction equipment maker of tax and accounting fraud. Caterpillar was not immediately available for comment. Urban Outfitters shares dropped. William Blair downgraded the stock and a number of analysts cut their price targets. Quarterly profit fell and missed expectations. In Europe, strong earnings from sportswear maker Adidas and British security company G4S helped push up shares. But Britain's FTSE finished in the red.