US stocks rose on Wednesday in a broad-based rally, spurred by a blowout private employment data that reinforced the strength of the economy. US companies added 263,000 workers in March, the most since December 2014 and well above economists expectations of 187,000. The report by payrolls processor ADP acts as a precursor to the Friday's nonfarm payrolls data that includes hiring in both the public and private sectors.
"The GDP number was recently revised upward, jobs continue to look good, inflation is moving in the right direction ...(ADP) was just another piece of the puzzle that gives the market some confidence that we are still on track," said Myles Clouston, senior director at Nasdaq Advisory Services in New All the 11 major S&P 500 sectors were up, with financials and technology giving the biggest boost. The Nasdaq hit an all-time high, buoyed by Amazon. Microsoft and Apple touching record highs.
At 12:33 pm ET (1633 GMT), the Dow Jones Industrial Average was up 152.3 points, or 0.74 percent, at 20,841.54, the S&P 500 was up 14.66 points, or 0.62 percent, at 2,374.82. The Nasdaq Composite was up 30.62 points, or 0.52 percent, at 5,929.23. It hit a record of 5,933.77.