Stocks Rebound as Weak ADP Jobs Data Eases Rate Hike Fears
Summary
U.S. stocks are bouncing back on Wednesday after three straight losing sessions, with the Nasdaq up 0.6% at 26,242.24. The rebound follows a weak ADP private payrolls report showing only 38K jobs added in August versus 48K expected, which traders interpret as reducing pressure on the Federal Reserve to raise rates. Airline and telecom stocks lead the gains, up 2.8% and 2.6% respectively. This comes after the Nasdaq fell 0.8% on Tuesday and oil-driven losses earlier in the week. The market now looks ahead to Friday's official jobs report, where economists expect 55K jobs added and unemployment ticking up to 4.2%.
The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.