US stocks bounce higher in first 5 minutes of trading on ADP jobs report
Agence France-Presse
Traders Jonathan Corpina, left, and Steven Kaplan work on the floor of the New York Stock Exchange Wednesday, Aug. 1, 2012. Stocks were mostly higher in morning trading. AP PHOTO/RICHARD DREW
NEW YORK—US stocks started August bouncing higher Wednesday, getting a boost from a better-than-expected jobs report as investors awaited the Federal Reserve’s latest policy decision.
The Dow Jones Industrial Average was up a solid 51.46 points, or 0.40 percent, at 13,060.14 in the first five minutes of trade.
The S&P 500-stock index rose 3.45 points (0.25 percent) to 1,382.77 and the tech-rich Nasdaq added 10.14 (0.34 percent) at 2,949.66.
The positive market action came “with the Street cautiously awaiting the afternoon monetary policy statement from the Federal Reserve, while finding some support from a stronger-than-anticipated July jobs report from ADP,” said Tony Venosa at Schaeffer’s Investment Research.
Payrolls company ADP said that private-sector employment rose by 163,000 in July, slowing from a downwardly revised June gain of 172,000 but well above analyst forecasts.
The Fed’s Federal Open Market Committee concludes a two-day policy meeting later Wednesday, and is expected to issue a statement around 2:15 pm (1815).
Equity markets rebounded from a two-day losing streak that left the Dow down 0.5 percent Tuesday.
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