Stocks traded higher on Wednesday as investors bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data.
The Dow Jones Industrial Average gained 150 points and was headed for a record close. The S&P 500 rose 0.65% and hit a record high as the real estate and utilities sectors outperformed. The Nasdaq Composite advanced 0.6%.
Wednesday’s session ends at 1 p.m. ET due to the Fourth of July holiday.
Private payrolls in the U.S. increased by 102,000 in June, ADP and Moody’s Analytics said. Economists polled by Dow Jones expected growth of 135,000.
Source : CNBC