US stocks rise amid economic data

NEW YORK, Oct.6 (Xinhua) – US stocks reversed earlier losses to end higher on Wednesday as investors digested a wealth of economic data.

The Dow Jones Industrial Average rose 102.32 points, or 0.30%, to close at 34,416.99. The S&P 500 rose 17.83 points, or 0.41%, to 4,363.55. The Nasdaq Composite Index rose 68.08 points, or 0.47%, to 14,501.91.

Earlier in the session, all three major indices traded lower, with the Dow falling more than 400 points at its lowest.

Eight of the top 11 sectors of the S&P 500 finished in the green, with utilities up 1.53%, topping the others. Energy slipped 1.05%, the worst performing group.

Chinese companies listed in the US traded mostly higher, with six of the top 10 stocks by weight of the S&P US Listed China 50 Index ending the day on a bullish note.

The above moves came after data showed that the U.S. private sector payroll rose more than expected last month.

Employment in the U.S. private sector rose by 568,000 in September, payroll data firm Automatic Data Processing (ADP) reported on Wednesday. Economists polled by the Wall Street Journal expected a gain of 425,000 jobs.

The ADP report came two days ahead of the crucial monthly employment report to be released by the Labor Ministry’s Bureau of Labor Statistics, which will include data on private sector and government employment.

US stocks were choppy this week, with the Dow Jones closing 312 points on Tuesday, after falling nearly 324 points on Monday, as investors assessed headwinds and tailwinds in the market.

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