- The Dow Jones Industrial Average rose 452.74 points, or 1.6%.
- The S&P 500 added 53.97 points, or 1.5%
- Nasdaq Composite edged up 116.78 points, or 1%.
The US benchmarks closed higher on Wednesday with the S&P 500 and the Nasdaq Composite hitting new intraday highs.
The private payrolls data, a potential prelude to Friday’ Nonfarm Payrolls data, showed an improvement amid ongoing stimulus talks to help the economy.
Subsequently, stocks rallied and the Dow Jones Industrial Average rose 452.74 points, or 1.6%, to 29,098.40. The S&P 500 added 53.97 points, or 1.5%, to 3,580.62 while the Nasdaq Composite edged up 116.78 points, or 1%, to 12,056.44.
The energy was the only sector in the red, with utilities and materials leading the gainers.
Data from the ADP National Employment Report showed private payrolls rose by 428,000 jobs in August, well short of expectations as the government’s aid to support workers and employers runs out.
July’s data was revised higher, the report indicated a slowing in the labour market recovery.
Meanwhile, US July factory orders rose 6.4% m/m (a touch stronger than market expectations), with ex-transport orders up 2.1% m/m.
Weak inflation pressures in the pipeline: The weak inflation backdrop to the euro area economy was reinforced by the July PPI data. Producer prices lifted 0.6% m/m, slowing from 0.7% last month, and down 3.3% y/y indicating that deflationary pressures persist along the supply chain,
analysts at ANZ Bank explained.
S&P 500 levels
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