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Monday, October 18, 2021

US stocks rise on good hiring data

US stocks rise on good hiring dataNEW YORK: Wall Street stocks rose early Wednesday following data showing strong US private-sector hiring and ahead of a Federal Reserve monetary policy announcement.

Private firms added 235,000 jobs in October, with strong gains in the services sector and a recovery in small businesses hit by the back-to-back summer hurricanes, according to ADP.

Investors are not expecting any big announcements from the Fed’s policy statement, but it will be scrutinized for signs the US central bank remains on track to raise interest rates in December.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 23,498.66, up 0.5 percent.

The broad-based S&P 500 rose 0.5 percent to 2,587.46, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 6,756.05, following a record close on Tuesday.

Cosmetics company Estee Lauder shot up 11.0 percent after reporting much higher sales and profits, with especially strong conditions in China and Hong Kong. Profit in the first fiscal quarter of 2018 rose 45 percent to $427 million.

Video game developer Electronic Arts dropped 3.4 percent on investor disappointment at the company’s second-quarter earnings report, which included a loss of $22 million and a seven percent rise in revenues to $959 million.

Copyright AFP (Agence France-Press), 2017

Source: Brecorder.com

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