Dow Closes above 29K. Markets Ignore ADP Report, Utilities Lead Rally
The Dow rallied Wednesday to close above 29,000 for the first time since February, as markets chose to shrug off ADP report, and gains in utilities and consumer products fueled Wall Street.
Yesterday’s ADP report has shown the US economy created 428,000 private jobs last month, well-undermining the 950,000 - 1.2 million jobs’ estimate. These numbers could be a sign that the recovery is flattening out after its initial sharp rebound from the lows of Q2.
"ADP’s measure has undershot the official estimate of private payrolls in recent months, but the error diminished sharply in both June and July. Assuming a further narrowing of the gap in August, we expect Friday’s official headline print to be about 750,000," Pantheon Macroeconomics commented.
Utilities have, on the other hand, lead the market with a jump in Exelon and PPL, while the consumer products of Coca Cola and Brown Forman whiskey have gained 4% and 10%, respectively.
Following its recent stock-split, Apple slowed down, losing 2%, although still remaining up around 80% for the year - an optimism led by its upcoming iPhone 12 launch, which analysts expect to spark a number of valuable upgrades.
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