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US Stock Market Overview – Stocks Rally Pushing S&P 500 to All time Highs

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David Becker
·2 min read
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US stocks continued to rally on Wednesday as yields moved lower. Stocks were buoyed despite a weaker than expected ADP private payroll. The dollar moved higher which helped buoy large-cap stock, but Apple and Tesla which had been the recent drivers of the tech sector eased. The S&P 500 index as well as the Nasdaq notched up fresh all-time highs while the Dow Industrials closed the session just shy of its record high close.

Most sectors in the S&P 500 index were higher led by Utilities and Technology, Energy shares bucked the trend. The decline in energy was driven by declines in both crude oil and natural gas. Oil prices dropped despite a larger than expected draw in oil inventories. The dollar moved higher weighing on commodities prices which were likely the catalyst for declining energy prices. Factory orders rose 6.4% after a similar gain in June, according to the Commerce Department. Expectations had been for factory orders to increase by 6.0% in July. Volatility continued to rise, despite a rallying stock market as investors continue to hedge their exposure to downside risks.

US Private Payrolls Missed Expectations According to ADP

US Private payroll growth accelerated less than anticipated in August, according to ADP. Companies added 428,000 jobs during the month, well below the 1.17 million estimates and more than the 212,000 that ADP measured for July. Big business dominated job creation, as firms with more than 500 employees added 298,000 workers. Medium-sized businesses were next with 79,000 while companies with fewer than 50 workers grew by 52,000. Job creation skewed heavily to services, which added 389,000 compared with the 40,000 for goods producers.

This article was originally posted on FX Empire

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