China's official manufacturing PMI came in at 49.7, marking a fifth straight month in contraction
The latest, four-day boomlet in U.S. stocks has pared August's decline in the S&P 500 to just 1.6% now — from a loss of -5.53% as recently as the intraday low on August 18 when the benchmark index touched its low for the month at 4335. 31.
The S&P 500 has climbed as much as 3.32% over the past four trading sessions, using Wednesday's high water mark of 4,521.65. Of the S&P's 11 major sectors, only energy and health care are higher in August. As yields have backed up this month, utilities are the worst-performing group, slumping -6%.ADP private payrolls reportPrivate employers added 177,000 jobs in August, according to ADP, well below the revised total of 371,000 jobs added in July. Economists surveyed by Dow Jones were expecting 200,000 jobs added in August.
The firm also said that pay growth slowed for workers who changed jobs and those who stayed in their current positions.Despite September being a historically tough month for stocks, investors may want to brace for even more gains through year-end. Bank of America pointed out that, "since 1950, strong performance in the S&P 500 in the first seven months of the year has been followed by average returns of 5% through December.
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