U.S. stock indexes on Wednesday opened solidly higher, extending a strong rally from the previous session even as a report on private-sector employment for...
U.S. stock indexes on Wednesday opened solidly higher, extending a strong rally from the previous session even as a report on private-sector employment for May showed the weakest growth since 2010. The Dow Jones Industrial Average DJIA, +0.47% advanced 150 points, or 0.6%, at 25,474, the S&P 500 index SPX, +0.42% rose 0.5% at 2,817, while the Nasdaq Composite Index COMP, +0.59% gained 0.85 at 7,581. All three indexes on Tuesday rang up their best day since Jan.
Powell's Tuesday comments, made at an economic forum on monetary policy in Chicago, were read as a signal that the Fed is preparing to cut rates, which currently stand at a range between 2.25% and 2.50%. Weakness in the jobs report for May may be interpreted as a sign that the economy may be faltering. Payroll-firm ADP estimated that the U.S. private sector added 27,000 jobs in May, well below the 175,000 predicted by economists, according to Econoday.
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