U.S. stocks benchmarks kicked off Wednesday morning trade higher as investors took cheer from a report that Beijing and Washington are still working toward a phase one trade deal, offsetting fears of a delay sparked by President Donald Trump's Tuesday remarks.
The Dow Jones Industrial Average rose 130 points. or 0.5%, at 27,629, cutting some of the 280-point skid from Tuesday, while the S&P 500 index advanced 12 points, or 0.4%, at 3,105, and the Nasdaq Composite Index climbed 0.4% at 8,556.
Markets also were digesting glum reports from payroll-processor Automatic Data Processing Inc. which showed that employers added just 67,000 workers in November, payroll processor ADP said, a much weaker reading than analysts had forecast, made worse by cuts to earlier months. The more closely followed report from the Labor Department comes out on Friday.
Elsewhere on the economic front, Wall Street is awaiting service-sector data on the U.S. economy, which is due later in the morning, highlighted by an the Institute for Supply Management's nonmanufacturing index report due at 10 a.m. Eastern Time. On the company front, Expedia Group Inc. shares jumped after a reshuffle of top executives over ongoing disagreements over strategy.
Source : MarketWatch