Earlier in the day payroll processing company ADP’s monthly figures showed that 132,000 new jobs were created in August. The figure is interpreted by the market to mean that there is now reason for the central bank, the Federal Reserve, to proceed more cautiously with interest rate increases than previously predicted.
The Dow Jones Industrial Average rose 0.1 percent, the S&P 500 rose 0.3 percent, while the Nasdaq Composite Index rose 0.6 percent in early trade. A gain at the close would mean the New York Stock Exchange snaps a three-day streak of declines.
At the company level, strong price changes are noticeable above all for the technology companies. Meta, Facebook’s main owner, is up 5.5 percent while Netflix is up 3.1 percent. Mainly the energy sector is moving in the opposite direction following the continued decline in oil prices.