US stocks jump on jobs data, stimulus hopes

NEW YORK: Wall Street stocks rose early Wednesday on good jobs data and revived hopes for a US stimulus package as markets digested a contentious presidential debate. About 45 minutes into trading, the Dow Jones Industrial Average was up 1.3 percent at 27,803.29.

The broad-based S&P 500 gained 1.0 percent to 3,367.44, while the tech-rich Nasdaq Composite Index advanced 1.1 percent to 11,202.52.

US Treasury Secretary Steven Mnuchin said on CNBC that he was "hopeful" of a Capitol Hill deal on fiscal support, echoing a somewhat more upbeat tone Tuesday from Democratic Speaker of the House Nancy Pelosi.

Doubts about stimulus have dogged the market for most of September.

US private employers added 749,000 jobs in September, topping expectations, payroll services firm ADP said, as employment continues to rebound following the economic hit caused by the coronavirus downturn.

President Donald Trump and former vice president Joe Biden brawled Tuesday night in a loud and chaotic first presidential debate.

Stock futures were little changed until Mnunchin's comments, suggesting the debate did not change the market's view of the election.

"The market didn't learn anything it didn't already know or think about this particular election process," said Briefing.com analyst Patrick O'Hare.