The broader market continued to gain throughout Wednesday's session as investors weighed more positive coronavirus vaccine developments and some unexpectedly strong corporate quarterly earnings against negative employment reports. The ADP National Employment Report released on Wednesday reported that U.S. private employers added back a net 167,000 jobs in July. This reading was dramatically lower than consensus expectations for a raise of 1.2 million jobs. However, there was some positivity in the report, for June's reading was upwardly revised to 4.314 million new additions from its previously reported 2.369 million monthly gain.
ADP's report comes only two days before the Labor Department's monthly jobs report for July. The Wednesday report is typically less accurate than Friday's upcoming report, so the U.S. jobs situation is still in limbo until the end of the week.
Moving forward, employment levels in the U.S. hinge on further stimulus from the federal government, for there is currently too much economic damage to keep the economy running smoothly without any assistance. Congress is still discussing key issues that may be extended with the new bill, like weekly federal unemployment insurance and eviction aid.
Here's how the market settled in the mid-week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Major Stock News, coronavirus vaccine frontrunners Johnson & Johnson
For Stock Sector Performance, most industries advanced during Wednesday's session, with only Utilities -1.25%, Real Estate -0.64% and Consumer Staples -0.22% falling behind. The sector performance gains were as follows: Industrials +1.97%, Materials +1.53%, Financials +1.46%, Consumer Discretionary +1.40%, Energy +1.06%, Health Care +0.49%, Information Technology +0.35% and Communication Services +0.25%.
For Commodities and Currency, popular commodities posted gains on Wednesday on the back of a weakening U.S. Dollar
As the market heads into Thursday, investors will focus on the Labor Department's weekly jobless claims, as well as quarterly earnings from companies like Uber Technologies