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Tags: financial markets

Wall Street Ends Up, Consumer Discretionary Gains

Wall Street Ends Up, Consumer Discretionary Gains
Traders on the floor of the New York Stock Exchange (AP)

Wednesday, 04 October 2023 04:06 PM EDT

Major U.S. stock indexes ended higher Wednesday, a day after selling off, as the latest economic data showed U.S. private payrolls increased less than expected in September.

Consumer discretionary led S&P 500 sectors higher, followed by technology, as U.S. Treasury yields eased off of 16-year highs.

The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer.

"On a technical basis, we're probably a little bit oversold," said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut.

Recent weakness had brought the S&P 500 near the 4,200 level, seen as the index's next level of support.

"This September we saw a shift in both strategist and investor belief," he said. "It seems like it finally sunk in that interest rates are going to remain higher for longer, and that the idea that the Fed is going to cut rates any time soon is fictional."

Other data on Wednesday showed new orders for U.S.-made goods increased more than expected in August, although Friday's jobs report for September is the week's key economic news.

According to preliminary data, the S&P 500 gained 34.17 points, or 0.81%, to end at 4,263.62 points, while the Nasdaq Composite gained 172.95 points, or 1.32%, to 13,236.01. The Dow Jones Industrial Average rose 116.86 points, or 0.35%, to 33,119.24.

Several mega-cap shares including Amazon.com were higher on the day.

Ford Motor was near flat even as the automaker posted a nearly 8% rise in U.S. auto sales for the third quarter.

Investors looking for non-economic data to focus on are keen for third-quarter earnings to kick off mid-month.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Major U.S. stock indexes ended higher Wednesday, a day after selling off, as the latest economic data showed U.S. private payrolls increased less than expected in September.
financial markets
283
2023-06-04
Wednesday, 04 October 2023 04:06 PM
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