Nasdaq closes 1% higher; Apple hits intraday high
Investing.com
Published Aug 30, 2017 04:17PM ET
Investing.com – U.S. stocks closed higher on Wednesday, buoyed by data showing the economy remains on track to post strong growth in the third quarter, lifting investor sentiment on riskier assets.
The Dow Jones Industrial Average closed lower at 21,892. The S&P 500 closed 0.46% higher while the Nasdaq Composite closed at 6368.31, up 1.05%.
In what was a seasonally low-volume trading day, U.S. stocks pared early session losses as risk appetite returned, following private sector job creation and economic growth data that topped expectations.
ADP employment data for August estimated private-sector payrolls rose by 237,000 compared a consensus estimates of 185,000.
The stronger-than-expected private payrolls report, which often serves as a precursor to monthly nonfarm payrolls data slated for Friday, pointed to continued strength in the U.S. labor market, easing expectations the Federal Reserve may abandon its plan to hike rates later this year.
The Commerce Department raised its estimate of second-quarter GDP growth to an annual rate of 3% from 2.6% previously, beating economists’ forecasts of 2.8%.
Meanwhile, on the corporate news front, shares of Apple (NASDAQ:AAPL) hit all-time highs amid rising expectations that the tech giant will unveil its iPhone at a product launch on September 12.
The upturn in sentiment comes a day after investor concerns over escalating geopolitical tensions faded, following President Donald Trump’s somewhat measured response to North Korea’s missile launch over Japan.
A slump in energy stocks, however, limited gains on the broader market as crude oil futures settled 1% lower after the nation’s largest oil refinery, Port Arthur, was forced to shut down as Storm Harvey continued to wreak havoc in Texas.
'Bulls and Bears' on Wall Street
The top Dow gainers for the session: Cisco Systems Inc (NASDAQ:CSCO) up 1.6%, Caterpillar Inc (NYSE:CAT) up 1.3% and Microsoft Corporation (NASDAQ:MSFT) up 1.3%
The Travelers Companies Inc (NYSE:TRV) down 1%, Johnson & Johnson (NYSE:JNJ) down 0.9% and Verizon Communications Inc (NYSE:VZ) down 0.8%, were among the worst Dow performers of the session.
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Written By: Investing.com
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