U.S. stocks fall modestly after big back-to-back gains
Oct 06, 2022
New York [US], October 6: U.S. stocks fell modestly on Wednesday after two days of pronounced gains.
The Dow Jones Industrial Average decreased 42.45 points, or 0.14 percent, to 30,273.87. The S&P 500 declined 7.65 points, or 0.20 percent, to 3,783.28. The Nasdaq Composite Index slipped 27.77 points, or 0.25 percent, to 11,148.64.
Eight of the 11 primary S&P 500 sectors ended in red, with utilities and real estate down 2.25 percent and 1.9 percent, respectively, leading the laggards. Energy rose 2.06 percent, the best-performing group.
The above market moves followed a strong two-day run on Wall Street that saw the Dow rally more than 1,500 points over the previous two sessions, supported by market hopes that the Federal Reserve could pivot to a less aggressive stance sooner than expected.
Investors sifted through a batch of latest economic data. The Institute for Supply Management said Wednesday that U.S. Services index stood at 56.7 percent in September, slightly down from the 56.9 percent recorded in the prior month. A reading above 50 percent indicates the sector is generally expanding.
Payroll data company Automatic Data Processing reported that U.S. private sector added 208,000 jobs in September, topping market consensus.
The more closely-watched monthly employment situation report is due out on Friday.
Source: Xinhua
