Wall Street climbs as finances gain; S & P is approaching a record

(Reuters) – The Dow Jones Industrial Average index hit a record high on Wednesday, thanks to gains in financial and technology stocks and the strength of the monthly payroll report in the private sector.

The S & P 500 index edged near record highs, with seven of the top eleven sectors up, also benefiting from signs that Italy would reduce its budget deficit and debt in the coming years, thereby easing a concern that had weighed on global stock markets.

Financial stocks .SPSY, which has fallen behind this year, rose by 1.3%, as did their biggest rise in one day during the last 10 sessions. It was followed by a 0.7% gain in .SPLRCT technology stocks.

The US private payroll recorded its largest increase in seven months in September, says ADP's national employment report, highlighting the continued strength of the labor market and the good impression of more comprehensive data on the non-wage bill. Friday.

"The market is responding favorably to the news on the payroll and many opportunities are turning to the employment report on Friday. People are eagerly awaiting salaries with Amazon, which would raise its minimum wage, "said Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada.

Nauman said Amazon.com (AMZN.O) raising its minimum wage to $ 15 could encourage other retailers to follow, which would be particularly worrying about the growth in wages in Friday's jobs.

Good data from the ADP pushed the US 10YT = RR 10-year US Treasury note yield, helping the S & P Bank's .SPXBK index to increase 1.7%.

The Institute for Supply Management also highlighted the dynamism of the economy: its non-manufacturing activity index rose more than expected in September.

At 1:04 pm I was up 158.12 points, or 0.59%, to 26,932.06, the S & P 500 .SPX up 12.98 points, or 0.44%, to 2,936, 41 and the Nasdaq Composite .IXIC up 49.23 points, or 0.62 percent, to 8,048.77.

The Dow is approaching the 27,000 mark and the S & P is only one point off its record.

Among the technology stocks, Intel (INTC.O) gained 2.4%, up for the second day, as gains were attributed to a research firm's prediction that the chip maker could exceed Wall Street's fourth quarter targets.

The utilities .SPLRCU and .SPLRCU real estate sectors led the way as rising bond yields made the stocks of high-dividend paying companies less attractive.

The .SPNY energy index rose 0.7%, boosted by rising oil prices.

General Motors (GM.N) rose 3.2% after Honda Motor (7267.T) said he would invest $ 2 billion over 12 years in the US-based Cruise's autonomous driving unit.

Michael Kors (KORS.N) rose by 2.5% after Citi increased its shares, which, according to its forecasts, would have increased its performance thanks to the recent purchase of the Italian fashion house Versace.

Increasing issues outnumbered decliers with a ratio of 1.46 to 1 on the NYSE and 1.96 for one on the Nasdaq.

The S & P index posted 28 new highs over 52 weeks and nine new lows, while the Nasdaq recorded 32 new highs and 55 new lows.