Dow jumps over 450 points in best gain since mid-July, S&P up 54.19 points

Topics Dow Jones | Dow index | stock market

A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan (Photo: Reuters)

US equities finished noticeably higher, with the Dow jumping more than 450 points in its best day since mid-July.

On Wednesday, the Dow Jones Industrial Average increased 454.84 points, or 1.59 per cent, 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, Xinhua news agency reported.

The S&P 500 rose 54.19 points, or 1.54 per cent, to 3,580.84. The Nasdaq Composite Index increased 116.78 points, or 0.98 per cent, 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 per cent and 2.28 per cent, respectively, outpacing the rest. Energy dipped 0.42 per cent, the lone declining group.

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

US 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," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, adding "businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels."

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



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel