U.S. stocks edge up to records again, but no Dow 17,000
GoPro falls for first time since debut
NEW YORK (MarketWatch) — U.S. stocks mostly inched higher Wednesday, building slightly on the prior day’s sizeable advance, as a better-than-expected report on private-sector hiring underscored the economy’s recent strength.
The Dow industrials (DJI:DJIA) rose 20.17 points, or 0.1%, to end at 16,976.24, putting it once again within striking distance of 17,000, while the S&P 500 (SNC:SPX) nudged up 1.30 points, or 0.1%, to finish at 1,974.62. Each index scored a record close for the second straight day.
The Nasdaq (NASDAQ:COMP) bucked Wednesday’s positive trend, falling 0.92 point, or less than 0.1%, to close at 4,457.73. The tech-heavy index snapped a three-session winning streak.
Investors are awaiting Thursday’s monthly jobs report, and even a surprisingly strong private-sector jobs report couldn’t jolt the market to life. Thursday’s report is expected to show a net gain of 215,000 non-farm jobs and a steady 6.3% unemployment rate.
The ADP report, which showed 281,000 new private-sector jobs, has “not been a good indicator” for the jobs report, but still “the growth bulls will be pleased, and the “whisper numbers” for the jobs report will probably rise, said Steven Ricchiuto, chief economist at Mizuho Securities, in emailed comments.
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