U.S. stock indexes rose on Wednesday, led by a rebound in technology shares, as stronger-than-expected private payroll data and optimism over an end to the federal government shutdown buoyed investor sentiment.
The Dow Jones Industrial Average gained 59.92 points (0.12%) to 47,139.89, while the S&P 500 rose 28.01 points (0.41%) to 6,799.59. The Nasdaq Composite advanced 149.16 points (0.64%) to 23,498.37.
Data from ADP showed U.S. private payrolls increased by 42,000 jobs in October, exceeding forecasts of 28,000. The report eased concerns over labor market weakness despite ongoing job losses in professional business services.
“Today is a bit of a relief rally,” said Peter Cardillo, chief market economist at Spartan Capital Securities. “The ADP numbers suggest that maybe fears about the jobs market have been overstated.”
The rally was supported by strength in semiconductor stocks, with the Philadelphia Semiconductor Index (.SOX) up 2.5% after Tuesday’s sharp losses. AMD shares gained 0.5% following an upbeat revenue forecast.
Global stocks also stabilized after heavy selling in Asia. Japan’s Nikkei dropped nearly 7% at one point before paring losses, while South Korea’s Kospi fell as much as 6.2% before recovering part of the decline. The MSCI global index edged up 0.15%, and Europe’s STOXX 600 rose 0.38%.
The U.S. dollar extended its advance, supported by last week’s Federal Reserve rate cut and comments from Chair Jerome Powell signaling that another reduction in December was not guaranteed. The euro slipped 0.04% to $1.1477, while the dollar rose 0.38% to 154.26 yen.
Bitcoin climbed 3.25% to $103,565, rebounding from a sharp drop below $99,000 the previous day — its lowest level since June.
In the bond market, U.S. Treasury yields rose as strong economic data signaled ongoing resilience. The yield on the 10-year note rose 5.4 basis points to 4.145%.
Commodities were mixed: gold gained 1.26% to $3,981.49 an ounce, while U.S. crude eased 0.38% to $60.33 and Brent fell 0.26% to $64.27 per barrel.
