The S&P 500 energy index closed 3.3% higher, the pan-European STOXX 600 index advanced 1.82% and MSCI’s gauge of stocks across the globe added 0.29%
Stock indexes mostly rose globally on Wednesday, although the Nasdaq ended lower for the second day, while the US dollar eased off its highest in more than two weeks.
The Dow hit a record high and the S&P 500 finished slightly higher, supported by gains in energy and other economically sensitive sectors including materials and financials.
The S&P 500 energy index closed 3.3% higher.
Investors were positioning themselves ahead of Friday’s US monthly jobs report, expected to show that non-farm payrolls increased by 978 000 jobs last month.
Tony Rodriguez, head of fixed income strategy at Nuveen, said it was possible Treasuries could move if the data varies much from forecasts.
It would have to be closer to 1.2 million (in jobs gains) to have the market really feel like growth is accelerating at apace that’s a little above what people expected coming into this, Rodriguez said.
The Dow Jones Industrial Average added 97.31 points, or 0.29%, to 34,230.34, the S&P 500 rose 2.93 points, or 0.07%, to 4,167.59 and the Nasdaq Composite shed 51.08 points, or 0.37%, to 13,582.43.
The Nasdaq’s move followed sharp declines on Tuesday, when technology-related shares added to losses after US Treasury Secretary Janet Yellen said rate hikes may be needed to stop the economy from overheating.
Yellen later said she was not “predicting or recommending” a near-term rate hike.
On Wednesday, Peloton Interactive Inc shares dropped 14.6% on its announcement to recall its treadmills amid reports of multiple injuries and the death of a child in an accident.
The pan-European STOXX 600 index advanced 1.82% and MSCI’s gauge of stocks across the globe added 0.29%.
Upbeat earnings and business activity in Europe boosted stock prices there.
Data showed euro zone business activity quickened last month, while the services industry returned to growth.
India’s Nifty 50 rose 0.8% as the central bankrolled out measures to support the coronavirus-ravaged economy.
The dollar was near flat after softer-than-expected US economic data.
US private payrolls increased by the most in seven months in April, ADP data showed, as companies boosted production to meet a surge in demand amid massive government spending and rising vaccinations. But the 742 000 private jobs created fell short of the 800 000 jobs expected by economists in a Reuters poll.
A separate report showed services industry activity eased in April from a record level in March, likely due to shortages of inputs as demand surged, data from the Institute for Supply Management showed.