Stocks mixed ahead of Fed announcement
- Share via
Stocks gained in early trading Wednesday on Wall Street after a better-than-expected employment report and ahead of a Federal Reserve announcement.
But major U.S. stock indexes lost some ground following a report by the Institute for Supply Management showed manufacturing declined last month.
The Dow Jones industrial average was up 19 points, or 0.2%, to 13,028, about an hour after the opening bell.
The broader Standard & Poor’s 500 index was up only 0.5 point, essentially flat at 1,380. The Nasdaq was down 1.6 points, or 0.1%, to 2,938.
Payroll processing firm ADP reported private-sector employment grew by a seasonally adjusted 163,000 from June to July, higher than forecasts.
However, how well the labor market fared last month won’t be clear until the Department of Labor releases its monthly employment report on Friday.
Investors, meanwhile, are awaiting any signs of new monetary stimulus from the Federal Reserve, whose Federal Open Market Committee is set to conclude a two-day meeting Wednesday.
ALSO:
Case-Shiller: Home prices improve strongly in May
Zynga under pressure as low share price provokes lawsuit
Fannie and Freddie won’t lower mortgage principal, regulator says
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
