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(Reuters) – The Dow Jones industrial average hit a new high on Wednesday, recording a rise in the three main Wall Street indexes, driven by higher financial and technology stocks and a solid monthly private payroll report.
Most of the top 11 sectors of S & P were up, also taking advantage of signs that Italy would reduce its budget deficit and debt over the next few years.
Financial services, which fell behind schedule this year, rose 0.7%, reflecting gains in technology stocks.
The private US payroll registered its largest increase in seven months in September, revealed the national employment report of ADP, highlighting the continued strength of the labor market and the good impression of more comprehensive data of payroll non-agricultural Friday.
"The market is responding favorably to news on payrolls and a lot of looks are turning to the jobs report on Friday." People are eagerly awaiting salaries, with Amazon raising its minimum wage, "said Ryan Nauman, strategist Informational Financial Intelligence Market Manager in Zephyr Cove, Nevada.
Nauman said that Amazon.com, raising its minimum wage to $ 15, could put pressure on other retailers, which would make particularly worth the figure of wage growth in employment on Friday.
Good ADP data drove 10-year US Treasury note yield
The report of the Institute for Supply Management, which shows that its index of non-manufacturing activity has increased more than expected in September, also highlights the dynamism of the economy.
At 11:30 am, Eastern time, the Dow Jones index posted an increase of 146.65 points, or 0.55%, to 26,920.59 points, the S & P index 500 of 12.30 points, or 0.42%, to 2 935.73 and the Nasdaq composite index, up 34.23 points or 0.43%.
The Dow is close to the 27,000 mark and the S & P is only 0.2% of its record.
Among the technology stocks, Intel was up 1.3%, up for the second day, as gains were attributed to a research company's prediction that the chip maker could exceed Wall Street's targets for fourth trimester.
The energy index rose 0.5%, the highest of 11 sectors, boosted by rising oil prices.
General Motors rose 2.1% after Honda Motor announced plans to invest $ 2 billion over 12 years in the US-based Cruise's autonomous driving unit.
Michael Kors rose 2.3% after Citi improved its shares, which it predicted would have boosted its performance.
Increasing issues outnumbered decliers by a ratio of 1.69 to 1 on the NYSE and a ratio of 1.54 to one on the Nasdaq.
The S & P index posted 26 new highs over 52 weeks and eight new lows, while the Nasdaq recorded 26 new highs and 50 new lows.
(Report by Medha Singh in Bengaluru, edited by Sriraj Kalluvila)
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