Wall Street Shows Recovery, Despite Disappointing ADP Job Figures

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The stock markets in New York opened slightly higher on Wednesday after heavy losses a day earlier. Investors on Wall Street focused, among other things, on the jobs figure of payroll processor ADP. That turned out much weaker than expected.

 

According to ADP, U.S. corporate employment increased by 89,000 in September, following a revised increase of 180,000 in August. On average, economists had expected an increase of 160,000 jobs.

ADP’s figure comes ahead of the US government’s significant jobs report published on Friday. This also includes government employment.

The Dow Jones index was 0.1 percent higher at 33,038 points shortly after the opening bell. The broad S&P 500 rose 0.3 percent to 4,244 points, and the technology indicator Nasdaq climbed 0.7 percent to 13,146 points.

On Tuesday, negatives of almost 2 percent were still visible due to concerns about rising interest rates after a better-than-expected figure on vacancies in the United States. With a strong labour market, the Federal Reserve has more room to continue raising interest rates. The interest rate on US ten-year government bonds has risen to the highest since 2007.

Technology group Apple was faced with a reduction in investment advice from KeyBanc. The investment bank’s analysts point to, among other things, the high valuation of Apple shares. Investors were not impressed by this; Apple’s price was slightly higher.

Intel was put down a fraction. The company wants to spin off its programmable chip division. This involves an IPO or the sale of a minority stake to an investor. Programmable chips are used in telecommunications, among other things.

The largest American egg producer, Cal-Maine Foods, fell 7.2 percent after announcing disappointing results.

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