Shannon Stapleton | Reuters
Dow Jones Industrial Average rises 454 points
Wall Street shrugs off disappointing payrolls data
ADP said U.S. private payrolls grew by 428,000 in August. Economists polled by Dow Jones expected a gain of 1.17 million. Peter Boockvar, chief investment officer at Bleakley Advisory Group, said the pace of hiring “has really slowed down over the past two months where the average is just 320k.” Still, the major averages powered on higher.
Coca-Cola and IBM lead Dow, Apple and Tesla fall
Coca-Cola and IBM rose 4% and 3.9%, respectively, to lead the Dow higher. Apple, meanwhile dropped 2% as traders took profits following the tech giant’s recent run-up. Tesla slid 6% after its biggest outside investor trimmed its position on the electric car maker, citing portfolio restrictions.
What happens next?
Weekly jobless claims data and the latest read on the ISM non-manufacturing index are set for release Thursday.
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