Wall Street Opens Higher as ADP Report Dispels Debate Gloom; Dow up 250 Pts

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Investing.com — U.S. stock markets opened moderately higher on Wednesday, after a stronger-than-expected private payrolls report from ADP for September outweighed concerns about rising Covid-19 cases and the possibility of a disputed presidential election in November. 

Comments from Treasury Secretary Steven Mnuchin talking up the possibility of a deal on a fresh fiscal support package also lifted spirits. 

By 9:45 AM ET (1345 GMT), the Dow Jones Industrial Average was up 250 points, or 0.9%, at 27,703 points. The S&P 500 was up 0.6% and the Nasdaq Composite was up 0.4%. 

Earlier, ADP had reported that the U.S. private sector had added 749,000 jobs in the month through mid-September, while August’s job gains were also revised up to 481,000 from 428,000. The numbers suggest that the labor market’s rebound in the summer was stronger than initially thought, although whether it can sustain that strength as the coronavirus starts to regain momentum is another question. New infections, which had fallen steadily since the end of July, have been rising more or less since the cut-off date for the ADP survey, while hospital admissions also appear to have turned upwards again.   

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