Stocks Opened Higher after Jobs Data
- Wednesday, September 2, 2020, 9:49
- Stock Market
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U.S. stocks opened higher on Wednesday, with the tech shares leading gains, despite disappointing private payrolls report. The Dow Jones Industrial Average lately added 196.75 points, or 0.33%, to 28,739.63. The S&P 500 rose 12.82 points, or 0.36%, to 3,539.47. The Nasdaq Composite gained 83.40 points, or 0.70%, to 12,023.07.
Oil futures traded higher Wednesday, finding support on signs of a slower-than-expected rebound in crude output by the OPEC+ alliance and a steeper-than-expected fall in U.S. inventories. West Texas Intermediate crude for October delivery rose 25 cents, or 0.6%, to $43.01 a barrel. November Brent crude was up 31 cents, or 0.7%, at $45.89 a barrel.
The US economy regained fewer than expected private jobs in August. Private payroll gains totaled 428,000 in August, coming in at less than half consensus economist estimates for 1 million, according to Bloomberg-compiled data.
Macy’s Inc (M) reported a smaller-than-expected quarterly loss and beat sales estimates on Wednesday. Net loss came in at $431 million, or $1.39 per share, in the second quarter, compared with a profit of $86 million, or 28 cents per share, a year earlier. Net sales fell 35.8% to $3.56 billion, but beat analysts’ estimates of $3.48 billion, according to IBES data from Refinitiv.
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