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US stocks flat as jobs growth modest

New York - Wall Street stocks battled to eke out gains early on Wednesday as a two-day rally began to ebb following a report showing modest US private-sector job growth in October.

About an hour into trade, the Dow Jones Industrial Average was at 17 916.95, down 1.20 points (0.01%).

The broad-based S&P 500 shed 1.61 (0.08%) at 2 108.18, while the tech-rich Nasdaq Composite Index advanced 2.59 (0.05%) to 5 147.72.

The ADP national employment report said the private sector increased hires by 182 000 in October, down 8 000 from September and roughly at the average for the past four months.

US stocks have risen the last two sessions, adding to a strong October rally. On Wednesday, markets opened higher following robust gains in Chinese stocks. But stocks were choppy after that.

Tesla Motors jumped 10.4% as it reported a third-quarter loss of $230m but said it would launch a new model for less affluent buyers in March 2016. Credit Suisse said the "stage appears set for a very strong 2016."

Electronic coupon company Groupon plummeted 28.9% as it reported a net loss of $27.6m in the third quarter and forecast revenues of $815-$865m in the fourth quarter. Analysts had expected revenues of $956.8m in the fourth quarter.

Groupon also said that it was promoting chief operating officer Rich Williams to chief executive, replacing co-founder Eric Lefkofsky, who will return to the role of chairman of the board.

Accessories and clothing retailer Michael Kors Holdings jumped 10.9% after projecting earnings of $1.44-$1.48 per share for the December quarter, better than the $1.40 expected by analysts.

Kors also said it was increasing its share rrepurchasing program by $500m.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.20% from 2.21%, while the 30-year dropped to 2.97% from 3%. Bond prices and yields move inversely.

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