Another record-breaking day for the Dow and S&P 500. The Dow (^DJI) ended the session within striking distance of 17,000, up 20 points at 16,976. The S&P 500 (^GSPC) rose a point to close 1,974 and the Nasdaq (^IXIC) fell less than a point to end at 4,458.
Investors got some welcoming news on the labor market ahead of tomorrow’s jobs report. U.S. private businesses beefed up hiring in June. Payroll processor ADP reported that private employers added a greater-than-expected 281,000 workers to payrolls last month, up from 179,000 in May. That’s largest monthly gain in hiring in 1-1/2 years.
Meanwhile, Federal Reserve Chair Janet Yellen said in a prepared speech to the International Monetary Fund that interest rates shouldn’t be the main tool to promote financial stability. "I do not presently see a need for monetary policy to deviate from a primary focus on attaining prices stability and maximize employment, in order to address financial stability concerns," Yellen said.
Some stocks on investors’ watch list on Wednesday. JP Morgan Chase (JPM) shares closed down 60 cents at $56.97. Chief Executive Jamie Dimon disclosed late Tuesday he was diagnosed with throat cancer.
Bank of America (BAC) shares ended the day up 25 cents at $15.85. Deutsche Bank upgraded the stock to buy from hold.
GoPro (GPRO) shares closed lower for the first time since its IPO on June 26, ending at $42.04, down $6.76, but still almost double its $24-a-share debut price.
Constellation Brands (STZ) stock ended the day up $2.07 at $90.45. The company, whose brands include Corona beer and Robert Mondavi wines, posted earnings and revenue that topped analysts’ estimates thanks to strong beer sales. The company also raised its outlook for the full-year.
Vitacost (VITC) shares closed $1.69 higher at $7.97 after supermarket chain Kroger said it was buying the online vitamin seller, in a deal that valued it at $280 million. Kroger (KR) stock ended the day down 10 cents at $49.43.
The June employment report is likely to steal the show on Thursday. The Labor Department releases the data a day earlier than usual due to the July 4th holiday. Economists are forecasting that 215,000 jobs were created last month.