The US stock market experienced a mixed day on Wednesday, with the Dow Jones Industrial Average and S&P 500 closing in the red while the Nasdaq Composite ended in positive territory.
The Dow Jones Industrial Average fell 97.97 points, or 0.3%, to 34,838.16, while the S&P 500 dropped 8.10 points, or 0.2%, to 4,387.16. On the other hand, the Nasdaq Composite rose 8.39 points, or 0.1%, to 14,681.07.
The market’s performance was largely influenced by the latest economic data, which showed a decline in private payrolls growth in July. According to the ADP National Employment Report, private payrolls increased by 330,000 in July, falling short of the expected 653,000.
Investors also kept a close eye on the ongoing negotiations in Washington over a new infrastructure bill. The Senate is expected to vote on the $1 trillion bipartisan infrastructure package later this week, which could have a significant impact on the market.
In terms of individual stocks, General Motors saw a 5.9% jump after reporting better-than-expected earnings and announcing plans to increase its investment in electric and autonomous vehicles. Meanwhile, shares of Robinhood Markets Inc. fell 8.4% after its highly anticipated IPO.
In the tech sector, Apple Inc. and Microsoft Corp. both closed in the green, with Apple reaching a new all-time high. Facebook Inc. also saw a 1.8% increase after announcing its plans to launch a new virtual reality headset.
Overall, the market’s mixed performance reflects the ongoing uncertainty and volatility in the current economic climate. Investors are closely monitoring economic data and political developments as they make decisions about their portfolios.
As always, it is important for investors to stay informed and make well-informed decisions based on their individual risk tolerance and long-term investment goals. The market may continue to experience fluctuations in the coming days, but it is important to remember that investing is a long-term game.
