Stocks Closed Higher on Economic Data

U.S. stocks closed higher on Wednesday as investors assessed a series of economic reports, including a private-sector jobs report and trade-deficit data. The Dow Jones Industrial Average added 64.33 points, or 0.36%, to 18,076.27. The S&P 500 gained 4.47 points, or 0.21%, to 2,114.07. The Nasdaq Composite was up 22.71 points, or 0.45%, to 5,099.23.

Payroll processor ADP said Wednesday that businesses added 201,000 jobs last month, up from just 165,000 in the previous month. Separately, the April deficit dropped 19.2 percent to $40.9 billion after surging to $50.6 billion in March, the Commerce Department said Wednesday.

The U.S. economy was growing at a moderate pace in most regions of the country in April and May, as consumers ramped up spending at retailers and auto dealers, the Federal Reserve said Wednesday. The Fed said that manufacturing activity held steady or increased, except in the energy industry.

Hamburger chain Wendy’s Co (WEN.O) will buy back $1.4 billion of shares, including $211 million from Nelson Peltz’s Trian Group, its largest shareholder, in its biggest repurchase program.