NEW YORK: Wall Street stocks jumped in early trading Wednesday, shaking off two straight days of declines amid strong Boeing earnings and a better-than-expected report on US private-sector hiring.
A day after it suffered the worst decline since May, the Dow Jones Industrial Average was up 0.8 percent at 26,278.58 about 20 minutes into trading.
The broad-based S&P 500 rose 0.4 percent to 2,834.28, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 7,444.34.
Boeing shares surged 5.7 percent, leading the Dow, after it reported a 92 percent rise in fourth-quarter profits to $3.1 billion and offered a bullish outlook on 2018 thanks to an expected rise in aircraft deliveries and a lower US tax rate.
Meanwhile, private payroll firm ADP reported the US companies added 234,000 jobs in the first month of the year, slower than the 242,000 in December, but far outpacing the consensus analyst forecast for an increase of 190,000.
Wall Street's rise after two days of declines was another manifestation of the "buy-the-dip mentality that has taken over time and time again in this market," said Briefing.com analyst Patrick O'Hare, referring to investors flooding back in to buy stocks each time the market moves lower.
"It's a response that has paid handsomely in the post-2008 years and it's a response that has been oriented around the persistence of low interest rates."
Analysts said investors were still digesting President Donald Trump's State of the Union address Tuesday night and looking ahead to a Federal Reserve policy statement later Wednesday that was expected to offer an update on the US central bank's expected cadence for interest rates increases.
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