Wall Street’s big rally keeps rolling, and the S&P 500 rose for a fourth straight day Wednesday to sit just 1.7% below its record.
The Standard & Poor’s 500 climbed 21.26 points, or 0.6%, to 3,327.77, echoing gains for stocks across Europe and Asia. If the U.S. market has just a few more days like that, it will erase the last of the historic losses it’s taken since February because of the COVID-19 pandemic and the recession it caused.
The pressure on Washington to act quickly is mounting. A report on Wednesday suggested that hiring was far weaker last month than economists expected. Private employers added just 167,000 jobs, according to a survey by payroll processor ADP, well below the 1.2 million that economists had forecast. That’s been the trend across much of the market this reporting season. Stocks have continued to climb even though S&P 500 companies appear to be on track to report a roughly 34% drop in earnings per share from a year earlier, according to FactSet. That’s in part because investors had prepared for an even steeper drop.
Even within that report, though, were seeds of concern. Growth in new orders helped to drive the reading higher, but employment trends in the report weren’t as encouraging.
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