As Treasury yields declined from multiyear highs following the release of considerably weaker-than-expected jobs data, the Dow Jones Industrial Average snapped a three-day losing streak.
The 30-stock index increased 127.17 points or 0.4% to finish the day at 33,129.55. The S&P 500 increased 0.81% and ended the day at 4,263.75. The Nasdaq Composite increased 1.35% to 13,236.01.
Consumer discretionary, which increased by roughly 2%, was the S&P 500 sector that performed the best. With additions of 6% and 3.85%, respectively, Tesla and Norwegian Cruise Line led the sector gains.
Since September 2022, oil prices have had their single greatest day of declines, making the energy sector the index’s worst-performing sector on Wednesday. SLB and Halliburton decreased by 4.7% and 4.4%, while Devon Energy and Marathon Oil both had declines of 5% or greater.
Following the announcement of new jobs data, Wednesday’s actions. ADP reported an increase in private payrolls of 89,000 last month. That’s far fewer than the upwardly revised 180,000 payroll additions from August and well below the Dow Jones prediction of 160,000.
On the back of the information, Treasury yields slightly declined from their 2007 highs. At last check, the yield on the 10-year Treasury was 4.733%.
Source (CNBC)
