Stocks finished higher Wednesday. The Dow climbed 54 points to 26828, while the S&P 500 gained 2 points to 2925. The Nasdaq Composite added 25 points to 8025.
The major averages advanced as robust economic data spurred a Treasury sell-off. On the data front, a report showed private payrolls increased by 230,000 in September, above consensus estimates of 184,000, and the biggest monthly increase since February. Additionally, separate releases from both the ISM and research firm revealed activity in the service sector expanded more than expected in September. The ISM reading marked the highest level since August 1997. Global investor sentiment seemingly received a boost from reports that the Italian government is willing to shrink its deficit target gradually over a three year period. In the central bank space, Fed Chair Jerome Powell delivered remarks in Washington.
Treasuries weakened with the yield on the 10-year note jumping 11 basis points to 3.16%, the highest level since 2011. The yield on the 30-year bond soared to its best level since 2014, gaining 12 basis points to 3.32%.
Financials paced gains with bank stocks up the most in sympathy with higher treasury yields. Industrials and Energy stocks also provided a tailwind to the market. The Utilities and Consumer Staples groups lagged the broader market advance.
Breadth was positive on issues by 3:2 on the NYSE and by 2:1 on the Nasdaq. Composite NYSE volume was more than 3.4 billion shares.
In commodities, WTI crude added 1.3% to $76.19/barrel. COMEX gold fell 0.4% to $1,197.60/ounce amid a stronger dollar.