US stocks rise ahead of Biden infrastructure roll-out
- About 30 minutes into trading, the Dow Jones Industrial Average was up less than 0.1 percent at 33,081.23.
NEW YORK: Wall Street stocks climbed early Wednesday following strong employment data as markets awaited the official unveiling of President Joe Biden's infrastructure plan.
Data from payroll services firm ADP showed private US employment jumped by 517,000 in March, slightly less than economists had expected but much better than the 176,000 gain in February and a welcome rebound after several tepid results in the pandemic recovery.
Meanwhile, investors were assessing early reports on Biden's $2 trillion infrastructure plan, due to be released in Pittsburgh later in the day.
The plan includes some $620 billion in transport, with Biden targeting a hike in the corporate tax rate to finance the spending.
About 30 minutes into trading, the Dow Jones Industrial Average was up less than 0.1 percent at 33,081.23.
The broad-based S&P 500 gained 0.4 percent to 3,975.94, while the tech-rich Nasdaq Composite Index jumped 1.3 percent to 13,29.82.
Large tech stocks including Apple and Netflix bounced back after declining on Tuesday.
Among other individual equities, Lululemon Athletica fell 3.6 percent despite reporting better-than-expected quarterly results.
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