Wall Street joins global markets in reaching for the stars

NEW YORK, New York, Sept. 2 (Xinhua/Big News Network) — U.S. equities finished noticeably higher on Wednesday, with the Dow jumping more than 450 points in its best day since mid-July.

The Dow Jones Industrial Average increased 454.84 points, or 1.59 percent, to 29,100.50, marking its best single-day rise since July 14. It was also the first close above 29,000 since February for the blue-chip index.

The S&P 500 rose 54.19 points, or 1.54 percent, to 3,580.84.

The Nasdaq Composite Index increased 116.78 points, or 0.98 percent, to 12,056.44.

The S&P 500 and the Nasdaq both wrapped up the session at records, with the tech-heavy Nasdaq topping the 12,000 threshold for the first time.

Ten of the 11 primary S&P 500 sectors closed higher, with utilities and materials up 3.12 percent and 2.28 percent, respectively, outpacing the rest. Energy dipped 0.42 percent, the lone declining group.

The moves came despite data showing U.S. companies added fewer jobs than expected last month.

U.S. private-sector companies added 428,000 jobs in August, payroll data company Automatic Data Processing (ADP) reported on Wednesday. Wall Street economists had forecast an increase of 1 million private-sector jobs, according to Econoday.

“The August job postings demonstrate a slow recovery,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute said Wednesday, adding “businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels.”

U.S.-listed Chinese companies traded mostly lower, with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

The U.S. dollar rose on profit-taking, despite hitting new recent highs earlier in the day. The euro dropped to 1.1852 by the U.S. close Wednesday after touching 1.2011 at the forefront of the day. The British pound was slightly lower at 1.3350. The Japanese ten weakened to 107.17. The Swiss franc softened to 0.9110.

The Canadian dollar declined to 1.3046. The Australian dollar fell to 0.7335. The New Zealand dollar was little changed at 0.6767.

Overseas, in London the FTSE 100 gained 1.35%.

The German Dax rose 2.07% while the Paris-based CAC 40 added 1.90%.

On Asian markets, the Australian All Ordinaries roared ahead, adding 108.60 points or 1.77% to 6,251.80, despite the country going into recession after 28 consecutive years of economic growth.

In Japan, the Nikkei 225 gained 109.08 points or 0.47% to 23,247.15.

China’s Shanghai Composite dipped 5.80 points or 0.17% to 3,404.80.

Published at Wed, 02 Sep 2020 22:34:06 +0000

Source: Wall Street joins global markets in reaching for the stars.

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