NEW YORK: Wall Street stocks climbed early Wednesday, bouncing back from the prior session’s drop, as the market digested fresh hiring data and US Federal Reserve commentary.
US private sector employment grew by 140,000 jobs last month, less than analysts expected although up from a revised 111,000 figure in January, according to figures from payroll firm ADP.
Meanwhile, Federal Reserve Chair Jerome Powell signaled interest rate cuts were still likely in 2024 if the economy evolves as expected, although he stressed in prepared remarks for a congressional panel that the central bank still wants to see more improvement in inflation.
Nasdaq leads Wall St lower as megacaps slide
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 38,737.55.
The broad-based S&P 500 gained 0.5 percent to 5,105.31, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 16,057.91.
Analysts described the market’s uptick as unsurprising given the strong bargain-hunting tendencies among investors right now.
Besides Powell’s testimony before the House Financial Services Committee, the US central bank is also releasing its “Beige Book” describing economic conditions around the United States.
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