Stocks finished higher Wednesday. The Dow rose 241 points to 25115, while the S&P 500 gained 29 points to 2711. The Nasdaq Composite added 144 points to 7305.
The major averages advanced with the S&P 500 posting its second consecutive daily gain for the first time in October. On the data front, a report showed private payrolls increased 227,000 in October, above the expected 187,000 uptick. Separately, private-sector wages climbed by 3.1% year-over-year in the third quarter, the largest increase in a decade.
Eight of 11 S&P 500 sectors ended higher with Technology stocks pacing gains. The oft-cited “FAANG” group advanced 4.1% for the day, with Facebook adding 3.8% to $151.79 after exceeding Wall Street profit estimates. General Motors helped lift the Consumer Discretionary group as the car marker gained 9.1% to $36.59 following a robust quarterly earnings report. Meanwhile, the Consumer Staples sector lagged. Kellogg tumbled 8.9% to $65.48 and Clorox lost 2.9% to $148.45 as both companies cited higher input costs and a stronger dollar for lowering their forward guidance.
Breadth was positive on issues by roughly 3:2 on both the NYSE and Nasdaq. Composite NYSE Volume was more than 5 billion shares.
Treasuries weakened with the yield on the 10-year note up four basis points to 3.15% following the Treasury Department’s announcement to increase long-term debt auctions this quarter. In commodities, WTI crude lost 1.7% to $65.09/barrel. COMEX gold slipped 0.6% to $1,217.70/ounce amid a stronger dollar.
For the month, the Dow fell 5.1% while S&P 500 lost 6.9%. The Nasdaq declined 9.2%.