U.S. stocks ended higher and the Nasdaq gained more than 1% on Wednesday, a day after a sell-off, as the latest economic data showed U.S. private payrolls increased less than expected in September.
Consumer discretionary (.SPLRCD) rose 2%, leading S&P 500 sectors higher, followed by communication services (.SPLRCL) and technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs.
The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer.
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