Stocks hit record highs after strong economic data
The Dow hit an all-time high Wednesday, and the S&P 500 flirted with a record close, as Wall Street eyed robust economic data. US government bond yields surged, with the 10-year rising to peaks not seen since July 2011. The dollar edged higher.
Here's the scoreboard:Dow Jones industrial average: 26,827.07 +53.13 (0.20%)
S&P 500: 2,925.59 +2.16 (0.074%)
Nasdaq Composite: 8,022.54 23.00 (0.29%)
- Employment numbers in the US flew past expectations last month. Private payrolls notched their largest gain in seven months in September, an ADP employment report showed, with companies adding 230,000 jobs. The upbeat data comes a day after Amazon announced it would raise its minimum wage to $15 an hour, another sign of a tight labor market.
- Activity in the US services sector rose to the highest level on record. Boosted by increased spending leading up to the end of the fiscal year, the Institute for Supply Management said its nonmanufacturing activity index surged to 61.6 in September (A reading above 50 indicates expansion, while a reading below 50 indicates contraction).
- Oil prices jumped to near four-year highs. As the US prepares to enact oil sanctions against Iran in November, some analysts think prices could hit $90 a barrel as global supply tightens. Crude had tumbled in earlier trading after the Energy Information Administration reported the largest buildup of US crude this year.
- Turkey's inflation rate hit its highest point since President Recep Tayyip Erdogan was elected 15 years ago. The central bank reported prices in the country rose 24.5% in September from a year earlier, as a currency crisis continues to unfold in the country.
And a look at the upcoming economic calendar:
- Employment data are out in the US and Canada.