US stocks close higher on safe sector bets by Reuters

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© Reuters. US stocks closed higher on safe sector bets

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NEW YORK (Reuters) – The Standard & Poor’s 500 Index closed higher on Wednesday for the ninth time in the last 10 sessions, this time led by value stocks and relatively safe stocks after data showed job growth in the US private sector last month, but at a much slower pace than expected.

The indices reached their highest levels for the session during the last hour of trading after a brief decline following the release of the “Beige Book” report from the Federal Reserve, which showed a modest increase in US corporate activities and employment until late August, while economic growth remained weak in parts of the country.

The industrial leading index approached its peak on February 12, while the Nasdaq composite index, rich in technology stocks, rose at a slower pace on Wednesday, albeit still more than 20 percent above its pre-crisis peak.

“What we’re seeing today is some spin after an exciting performance yesterday,” said Lindsay Bell, investment analyst at Allinvest. For some time.”

Safer sectors such as utilities, consumer goods and real estate were among the biggest gainers on Standard & Poor’s on Wednesday after remaining at the bottom of the market overall this year.

Poor financial stocks also rose this year.

According to unofficial data, the Dow rose 452.74 points, equivalent to 1.58 percent, to reach 29098.4 points, Standard & Poor’s rose 53.96 points, or 1.53 percent, to record 3,580.61 points, and Nasdaq advanced 116.78 points, or 0.98 percent, to 12056.44 points.

(Prepared by Ahmed Elhami for the Arabic Bulletin)

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