The Dow Jones Industrial Average rose during its recent trading at the intraday levels, to achieve gains in its last sessions by 1.29%. It added about 416.33 points and to settle at the end of trading at the level of 32,812.501, after it declined during Tuesday’s trading by -0.23%.
After falling on Tuesday, stocks rose back into trading on Wednesday as House Speaker Nancy Pelosi left Taiwan and China did not take any immediate military action.
Better-than-expected economic data released on Wednesday also helped stocks rally. The ISM Non-Manufacturing PMI rose to 56.7 in July from 55.3 in June. Analysts polled on FactSet had expected a reading of around 53.5.
Meanwhile, St. Louis Fed President James Bullard told CNBC on Wednesday that he does not believe the US has entered a recession, and Richmond Fed President Thomas Barkin on Wednesday joined policymakers saying the US central bank is committed to setting inflation. under control and brought him back to his 2% target.
Investors are now looking to Friday’s jobs data from the Bureau of Labor Statistics to see if the labor market slumped in July. After the summary of job creation and labor turnover released on Tuesday by the BLS showed that 10.7 million jobs were added in June, the lowest level since September of 2021. This may be a sign that the hot labor market is declining.