Currently, the major averages are posting modest gains on the day. The Dow is up 10.55 points or 0.1% at 16,966.62, the Nasdaq is up 3.95 points or 0.1% at 4,462.60 and the S&P 500 is up 1.31 points or 0.1% at 1,974.63.
The initial strength on
ADP said employment in the private sector surged up by 281,000 jobs in June following an increase of 179,000 jobs in May. Economists had been expecting employment to climb by about 205,000 jobs.
The substantial private sector job growth in June reflected the biggest monthly increase in employment since November of 2012.
While the data generated some optimism about the
A separate report from the
Among individual stocks, shares of
On the other hand, shares of
While many of the major sectors are showing only modest moves, considerable strength is visible among gold stocks. Reflecting the strength in the gold sector, the NYSE Arca Gold Bugs Index has advanced by 1.3%.
The strength among gold stocks comes amid a modest increase by the price of the precious metal, with gold for August delivery climbing
Steel stocks are also turning in a strong performance on the day, resulting in a 1.3% gain by the NYSE Arca Steel Index. With the gain, the index has reached its best intraday level in over five months.
On the other hand, airline stocks are seeing significant weakness, dragging the NYSE Arca Airline Index down by 2.1%.
Notable weakness has also emerged among utilities stocks, as reflected by the 1.3% loss being posted by the Dow Jones Utilities Average. The average is pulling back further off the record closing high it set on Monday.
In overseas trading, stock markets across the
Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index fell by 0.4%, the German DAX Index and the
In the bond market, treasuries are extending yesterday's pullback on the heels of the upbeat jobs data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.5 basis points at 2.608%.
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