The S&P 500 advanced Wednesday for a four-day winning streak, as investors assess new U.S. economic data.
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The broad-market index climbed 0.38%, surpassing the 4,500 level, to close at 4,514.87. The Dow Jones Industrial Average added 37.57 points or 0.11%, to finish the session at 34,890.24. The tech-heavy Nasdaq Composite advanced 0.54% to 14,019.31. The S&P’s four-day gain helped the index trim month-to-date losses to roughly 1.6%.
The S&P 500 tech sector rose, aided by a nearly 1% jump in chipmaker Nvidia. Shares of Apple climbed almost 2%, a day after the company sent out invites for a Sept. 12 launch event where the iPhone 15 is expected to be unveiled.
Wednesday’s moves come as traders pore over disappointing payrolls data. ADP said private employers added 177,000 jobs in August. That’s well below a revised July number of 371,000. It also missed a Dow Jones estimate of 200,000.
Meanwhile, annual gross domestic product growth was downwardly revised on Wednesday to 2.1% from the previous 2.4% forecast.
This is the second day investors have appeared to treat weaker-than-expected economic data as good news for stocks.
“Traders and investors alike want to see ‘follow through’ in today’s market action, helping to confirm that the uptick in market performance is a more viable move as the market heads into September,” said Quincy Krosby, chief global strategist at LPL Financial.
On Tuesday, the major U.S. stock benchmarks rallied following the release of disappointing consumer confidence figures and a bigger-than-forecast drop in U.S. job openings for July. This sparked hope among traders
