The little increase in stock prices on Wednesday placed Wall Street on track to extend its current three-day winning run.
59 points, or 0.2%, were added to the Dow Jones Industrial Average. Together with the Nasdaq Composite, the S&P 500 rose 0.1%.
Traders are analysing the poor payrolls report as the market moves on Wednesday. In August, private companies gained 177,000 jobs, according to ADP. A revised July figure of 371,000 is much higher than that. A Dow Jones projection of 200,000 was also missed.
Investors seem to be treating weaker-than-anticipated economic statistics as positive news for equities today for the second straight day.
The major U.S. stock indices rose on Tuesday in response to the publication of unimpressive consumer confidence data and a larger-than-expected decline in U.S. job vacancies for July. As a result, traders began to believe that the Federal Reserve may soon relax its stance on monetary policy.
The prior prediction for annual gross domestic product growth was lowered downward on Wednesday from 2.4% to 2.1%.
Source (CNBC)
