Weak US hiring report sends stocks lower on Wall Street

A survey by payroll processor ADP showed U.S. companies hired workers at the slowest pace in three years last month.

The weak reading bodes poorly for the broader job market survey due out Friday from the Labor Department, which is one of the most closely watched reports on the economic calendar.

Economists expect the government to report that U.S. employers created 200,000 jobs last month and that the unemployment rate remained held steady at 5 percent.

Financial information company Markit said its purchasing managers' index for the region, a gauge of business activity, slipped to 53 in April from 53.1 the previous month.

Intercontinental Exchange, the parent company of the New York Stock Exchange, jumped $16.47, or 7 percent, to $257.45 after the company announced it would not bid for the London Stock Exchange.

While stocks are well off the lows they hit in February, investors remain reluctant to make heavy bets back into stock market.