U.S. shares were up on Wednesday after a prior slump on Wall Street, despite better-than-expected reports on the jobs market and business activity, according to the Associated Press. Futures for the S&P 500 were 0.2% higher, and Dow Jones Industrial Average futures rose 0.1%.
On Tuesday, the S&P 500 fell 1.1% and the Dow Jones Industrial Average dropped 0.4%. The Nasdaq composite tumbled 1.9%.
Stocks dropped as bond yields rose following the release of the encouraging reports on the economy. One said U.S. employers were advertising more job openings at the end of November than economists expected. The other said activity for finance, retail, and other services businesses grew much faster in December than expected.
That’s good news for workers looking for jobs and for anyone worried about a possible recession that earlier seemed inevitable to some. But a strong economy could also keep up pressure on inflation, and it could make the Federal Reserve less likely to deliver the cuts to interest rates that Wall Street loves.
Friday will bring an update on the U.S. jobs market, which economists expect will show a slowdown in overall hiring. They’re looking for growth of 156,500 jobs in December, according to FactSet.
In energy trading, benchmark U.S. crude added 93 cents to $75.18 per barrel. Brent crude, the international standard, rose 74 cents to $77.79 per barrel.
The U.S. dollar was trading at 158.25 yen, up from 158.06.
