(REUTERS) -- Stocks opened lower on Wednesday, despite stronger-than-expected private sector payrolls data, after minutes from the latest Federal Reserve meeting published Tuesday suggesting further monetary stimulus action is unlikely.

The Dow Jones industrial average dropped 118.82 points, or 0.90 percent, to 13,080.35. The Standard & Poor's 500 Index lost 12.82 points, or 0.91 percent, to 1,400.56. The Nasdaq Composite Index fell 33.13 points, or 1.06 percent, to 3,080.44.

(Reporting By Chuck Mikolajczak; Editing by Chizu Nomiyama)