- APD reports unprecedented decline in US private sector employment.
- Market sentiment remains upbeat on economy’s reopening prospects.
- Nasdaq Composite Index gains more than 1% on rising tech shares.
Wall Street’s main indexes opened in the positive territory for the third straight day on Wednesday as hopes of the economy reopening outweighed the gloomy US employment data. As of writing, the Dow Jones Industrial Average was up 0.3% on the day while the S&P 500 and the Nasdaq Composite were gaining 0.4% and 1.05%, respectively.
Investors shrug off ADP report
In its monthly publication, the ADP Research Institue showed that the private sector employment in April declined at a record pace of more than 20 million.
Among the 11-major S&P 500 sectors, the risk-sensitive Technology Index is rising 1.2% as the top-performer. On the other hand, the defensive Real Estate and Utilities indexes trade in the negative territory to confirm the upbeat market mood.
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