U.S. stocks rose Wednesday after reports showed a slackening jobs market and slower-than-expected GDP growth—good news in the eyes of Fed watchers.
The Nasdaq gained 0.5% while the S&P 500 rose 0.4% and the Dow Jones Industrial Average inched up 0.1%.
Markets got a boost from more economic data pointing to a slowing, not crashing, U.S. economy. Private employers added half as many jobs in August as they did in July, according to data from ADP. Also, the Bureau of Economic Analysis (BEA) lowered its estimate of second-quarter GDP growth to 2.1% from 2.4%.
Chinese stocks closed up slightly today after the government asked two of the nation's largest banks to review the finances of Zhongrong International Trust, a troubled wealth management firm that recently missed interest payments on several investment products. Oil futures and gold futures both advanced.
Yesterday, stocks soared on data showing higher interest rates are cooling the jobs market, raising hopes the Federal Reserve will hold rates steady at its next policy meeting in September.
