The S&P 500 closed at a record high following a triple dose of stronger-than-expected economic reports.
First, the ADP jobs report showed that the private sector added 125,000 jobs this month. Economists were expecting only 100,000 new jobs.
Second, GDP in the third quarter came in higher, at 1.9%, when economists were anticipating an increase of 1.6%.
And last, consumer spending rose by 2.9% in Q3, higher than the 2.6% figure that economists had expected.
The markets also responded positively to the Federal Reserve’s third rate cut for the year and Chairman Jerome Powell’s message that the central bank foresees no rate hikes until inflation shows a significant rise.
The S&P 500 climbed 0.3% yo 3,046.77. The Dow Jones closed at 27,186.69, up 115.27 or 0.4% higher. The Nasdaq rose 0.3%, ending the day at 8,303.98.
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