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MarketWatchAug 05, 2020
Market Snapshot: Stocks push higher, fresh records in sight, as earnings and service-sector data surprise to the upside
U.S. stocks rise in early trading Wednesday as strong corporate earnings results and rosy service-sector data outweighed a disappointing jobs report from payroll provider ADP.

MarketWatch MarketPulseAug 05, 2020
S&P 500 trades within 2% of record high as Wall Street focuses on Disney subscriber growth and hope for fresh round of coronaviirus aid
U.S. stocks rose at the start of trading Wednesday as corporate earnings results continued to roll in, and investors pored over a disappointing jobs report from payroll provider Automatic Data Processing Inc. . The payroll company said only 167,000 private sector jobs were created in July, short of the consensus estimate for a gain of 1.88 million jobs, according to Econoday. However, better-than-expected quarterly results late Tuesday from Dow component and entertainment and theme park giant Walt Disney Co. , even though it reported a $3.5 billion loss, helped to fuel some bullishness in markets. On top of that, the Federal Reserve's No. 2, Richard Clarida, told CNBC that he's sticking to his prior forecast of an improving economy over the remainder of the year. The Dow Jones Industrial Average rose 266 points, or 1%, at 27,094, around its highest level since June 8, while the S&P 500 index gained 0.6% to 3,326, putting the broad-market benchmark within 2% of its Feb. 19 record high at 3,386.15. The Nasdaq Composite Index , meanwhile, rose 0.3% to 10,978, which puts the tech-heavy index on pace for its 31st record close of 2020, which would already match last year's full-year record tally for the gauge. Wall Street drew some optimism from report late Tuesday reports suggested congressional leaders are working to reach a coronavirus-aid bill deal by the end of the week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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