U.S. Stocks Open Lower despite Positive Economic Data

U.S. stocks opened lower on Wednesday despite positive jobs data.

The ADP Employer Services said Wednesday that private employers added 217,000 jobs in February, beating analysts' expectations of 175,000 new poisitions.

The January figure was revised higher to 189,000 from 187,000.

Meanwhile, Federal Reserve Chairman Ben Bernanke was to continue his testimony to Congress on Wednesday on the economy and monetary policy. He was to speak to the House Financial Services Committee.

The Dow Jones industrial average dropped 8.63 points, or 0.07 percent, to 12,049.39. The Standard & Poor's 500 Index was down 1.62 points, or 0.12 percent, to 1,304.71. The Nasdaq lost 2.05 points, or 0.07 percent, to 2,735.36.