U.S. stocks waver after big rally

U.S. stocks traded in a range in the morning session Wednesday, following the big Tuesday rally, as investors focused on economic data and oil prices ahead of Friday's key jobs report.

At noon, the Dow Jones Industrial Average rose 10.28 points, or 0.06 percent, to 16,875.36. The S&P 500 gained 0.90 points, or 0.05 percent, to 1,979.25. The Nasdaq Composite Index was down 7.64 points, or 0.16 percent, to 4,681.96.

On the economic front, ne hires with the U.S. private sector totaled 214,000 in February, according to the ADP National Employment Report Wednesday.

The ADP figure is watched closely as a pre-indicator for the non-farm payrolls report due Friday.

"That said, strength in service sector hiring will alleviate fears the February report this Friday will disappoint," said Jay Morelock, an economist at FTN Financial.

Traders were looking to the key monthly employment data and more hints on future monetary policy at the U.S. Federal Reserve meeting.

Oil prices turned higher around midday Wednesday, as the West Texas Intermediate for April delivery hit over 35 U.S. dollars a barrel.

U.S. stocks posted solid gains Tuesday, the first trading day of March, as Wall Street cheered over a batch of upbeat economic reports. Endit