US Stocks closed in positive territory

The US shares recovered from an initial move to the downside on Wednesday, 03 April 2024, with the S&P500 and the Nasdaq indexes ending session in positive territory, while the Dow Jones finished with third day of losses as investors weighed remarks from Fed Chairman Jerome Powell against strong U.S. economic data that suggests the need for higher-for-longer interest rates.

At closing bell, the Dow Jones Industrial Average index declined 43.10 points, or 0.11%, to 39,127.14, registering third straight session of losses. The S&P500 index was up 5.68 points, or 0.11%, to 5,211.49, registering first advance in three sessions. The tech-heavy Nasdaq Composite index increased by 37.01 points, or 0.23%, to 16,277.46.

 

Total 8 of 11 major S&P 500 sectors declined, with healthcare being bottom performer, down 1.62%, while energy sector being top performer, rising 1.37%.

Treasury yields finished little changed on Wednesday, leaving 10- and 30-year rates at or close to their highest levels since November. The 10-year yield ended at 4.354%, while the 30-year rate finished at 4.509%.

ECONOMIC NEWS: The Institute for Supply Management released report on Wednesday showing services PMI dipped to 51.4 in March from 52.6 in February. Notably, the report also showed a substantial slowdown in the pace of price growth in the sector, with the prices index tumbling to 53.4 in March from 58.6 in February.

Also, payroll processor ADP released a report showing private sector employment jumped by 184,000 jobs in March after climbing by an upwardly revised 155,000 jobs in February.

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