A Successful Gamble, Weak Data, and a Quashed Rumor: Market Recap

A weaker than expected payroll report weighed heavily on the markets on Wednesday. ADP reported that an average of 191,000 new private sector payrolls were added per month in the first quarter, and March’s numbers fell about 17 percent below that at 158,000 additions. This compares against expectations for about 200,000 additions.

DJIA: -0.76% to 14,550.30 S&P 500: -1.06% to 1,553.68 NASDAQ: -1.11% to 3,218.60
Gold: -1.15% to $1,557.70 per ounce WTI Crude: -2.83% to $94.44 per barrel U.S. 10-Year: -0.050 points to 1.810%.

The Energy Information Administration reported that an increase in refinery outputs pushed crude stockpiles well above the upper limit of the average range for this time of year. The weekly petroleum status report showed inventories jumped by 2.7 million barrels in the week ended March 29, bringing the total store to 388.6 million barrels.

Christine Lagarde, managing director of the International Monetary Fund, issued a statement on Wednesday revealing that the IMF reached a staff-level agreement to contribute 1 billion euros ($1.3 billion) to Cyprus’s bailout program.

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S&P 500 Index Chart - Yahoo! Finance