Sign in Subscribe
Banking industry

U.S. Stocks Rise as Jobs and Service Industry Growth Fuels Optimism

Strategic Insights

— 1 min read

The U.S. stock market showed a positive trend on Wednesday, with most stocks rising due to growth in the jobs and service industries, signaling optimism about the strengthening economy. The Dow Jones Industrial Average saw gains driven by Cisco Systems Inc., Exxon Mobil Corp., and Bank of America Corp., while Ford Motor Co. rose 1.5 percent, building on its 3.9 percent rally from the previous day after reporting stronger-than-expected sales. On the other hand, Freeport-McMoRan Copper & Gold Inc. led commodity producers lower after China's plans to curb its economy reduced demand for the metal.

Key Takeaways:

  • The S&P 500 Index rose 0.2 percent to 1,100.13 as of 11:24 a.m. in New York, with Cisco Systems Inc., Exxon Mobil Corp., and Bank of America Corp. leading advances in the Dow Jones Industrial Average.
  • Ford Motor Co. increased 1.5 percent, extending a 3.9 percent rally from the previous day after it reported stronger-than-estimated sales.
  • Freeport-McMoRan Copper & Gold Inc. led commodity producers lower after China's announcement reduced demand for the metal.
  • The S&P 500 climbed 0.7 percent in early trading but failed to surpass its 200-day average near 1,106.
  • The euro slipped 0.4 percent to $1.2195, holding above its four-year low of $1.2111 on June 1.
  • Stanley Nabi, New York-based vice chairman of Silvercrest Asset Management Group, predicted that the high of this market cycle will be considerably higher, citing solid economic growth.

Statistics:

  • The S&P 500 has dropped 9.8 percent from its high on April 23 due to the looming sovereign-debt crisis in Europe and slowing growth in China.
  • In May, the S&P 500 lost 8.2 percent, its worst month since February 2009.
  • The Dow Jones Industrial Average dropped 7.9 percent in May, the largest decline since 1940.
  • The Dow is currently at 10,251.5.
  • Ford Motor Co. saw a 1.5 percent increase on Wednesday, building on its 3.9 percent rise from the previous day.
  • Freeport-McMoRan Copper & Gold Inc. led commodity producers lower, as China's economic curbing reduced demand for the metal.

Sources:

  • Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company.

Read more