Stocks traded higher throughout most of Wednesday's session, with both the S&P 500 and Nasdaq starting the third quarter off with gains. Market participants were encouraged by positive economic data and promising early clinical trial results from Pfizer
The ISM U.S. Purchasing Managers Index for June rose to 52.6% from May's reading of 43.1%, indicating expansion in the overall economy for the second straight month after April's contraction. ISM Chair Timothy R. Fiore stated: "As predicted, the growth cycle has returned after three straight months of COVID-19 disruptions. Demand, consumption and inputs are reaching parity and are positioned for a demand-driven expansion cycle as we enter the second half of the year."
ADP's National Employment Report for the Private Sector released on Wednesday totaled the addition of about 2.37 million jobs across an array of business sectors in June. Although the reading was a monthly gain, it was below consensus expectations.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, stay-at-home tech giants Amazon
In Stock Sector News, industries mostly maintained their upward momentum, with only three lagging behind at the end of Wednesday's session. The few that saw performance losses were Energy -2.49%, Financials -1.03% and Industrials -0.48%. The rest that closed with gains include the following: Real Estate +2.57%, Utilities +2.29%, Communication Services +2.23%, Consumer Discretionary +1.76%, Health Care +0.71%, Materials +0.19%, Information Technology +0.10% and Consumer Staples +0.05%.
In Commodity and Currency News, crude oil prices slightly gained on Wednesday due to positive manufacturing data. Price increases for West Texas Intermediate
As the market enters its final trading day of the shorted week, all eyes will be on the U.S. Labor Department's latest weekly jobs report that is scheduled to be released Thursday morning.