Supported by Upbeat U.S. Data, SP500 Index Heads For The 4th Straight Daily Gain
Aug, 30th 16:15
U.S. shares were mostly higher on Wednesday after data showed U.S. employments and growth rates were better than expected.
The S&P 500 added 0.25% to trade at 2451.00, on track for its fourth straight daily increase. Eight out of 11 main sectors were trading higher, led by gains in Materials and Financials. The Automatic Data Processing reported that U.S. private employers added 237,000 jobs in August, which was well above economists’ expectations which called for a gain of 183,000 jobs.
Later in the week, the U.S. Labor Department will release its August nonfarm payrolls report at on Friday amid expectations that the data will show jobs growth of 180,000 in August.
Besides data on U.S. job market, figures on second-quarter economic growth were also released. The Commerce Department reported that U.S. economic rose at 3% rate in the three-month period to June. The reading was revised up from an initial rate of 2.6% and marked the fastest quarterly growth rate in more than two years following a rise of 1.2% in the first quarter.
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