Dow Jones Industrial Average rises 527 points
Data comes in better than expected
ADP and Moody’s Analytics reported private payrolls fell by another 2.76 million in May. The ADP number was far less than the 8.75 million estimate. Data from the Institute for Supply Management showed the U.S. services sector contracted less than expected, rebounding from an 11-year trough.
Small caps, reopening trade lead the gains
Small-cap stocks outperformed their large-cap counterparts on Wednesday, with the Russell 2000 index gaining 2.59%. Stocks poised to benefit from the economy reopening also outperformed. Delta Air Lines rose 7.8% while Wynn Resorts advanced 11.18%.
What happens next?
Weekly jobless claims data, along with trade and productivity numbers, are set for release Thursday. Slack, Gap and Broadcom are also scheduled to report earnings.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Published at Wed, 03 Jun 2020 20:29:40 +0000-Here’s what happened to the stock market on Wednesday