Getty Images / Scott Olson
US stocks gained Wednesday, with the S&P 500 and Nasdaq composite indexes closing at record highs, as traders looked ahead …
Getty Images / Scott Olson US stocks gained Wednesday, with the S&P 500 and Nasdaq composite indexes closing at record highs, as traders looked ahead to further economic stimulus. The rally was led by sectors that have underperformed in 2020, including utilities and financials. Treasury Secretary Steven Mnuchin on Tuesday encouraged Congress to pass further stimulus, and he spoke with House Speaker Nancy Pelosi by phone, The Hill reported. But Democrats and Republicans remain locked in a stalemate over the next bill. The August ADP employment report released on Wednesday said US companies added 428,000 jobs last month, less than half the median economist estimate of 1 million, suggesting that the labor-market recovery has lost momentum. Here’s where US indexes stood at the 4 p.m. ET market close on Wednesday: Read more: ‘You can make 5,10,50X your money’: Here’s an inside look at the 7-part strategy small-stock expert Ian Cassel is using to unearth the market’s most overlooked gems The Federal Reserve released its Beige Book report on Wednesday, which showed that while there were modest gains in economic activity in August, the future outlook remains grim.
