U.S. stocks opened higher on Wednesday after the Dow experienced back-to-back declines for the first time in a month. Despite weak employment data, investors remained optimistic. Treasury yields also continued to decline.
Market Performance
- The S&P 500 (SPX) gained 22 points, or 0.5%, reaching 4,589.
- The Nasdaq Composite (COMP) rose by 84 points, or 0.6%, to reach 14,312.
- The Dow Jones Industrial Average (DJIA) increased by 135 points, or 0.4%, to hit 36,253.
Declining Treasury Yields
On Wednesday, Treasury yields continued to fall. The 10-year yield was down 4.4 basis points at 4.143, reaching its lowest level since Sept. 1, according to FactSet data.
Impact of Weak Employment Data
Investors absorbed a report on private payrolls from ADP, indicating that only 113,000 jobs were added last month. This data serves as the latest indication that the U.S. labor market has been weakening. Traders await a closely watched labor market report from the Labor Department, which is set to be released on Friday.