S&P 500, Nasdaq edge higher after services activity data

by Johann M Cherian and Purvi Agarwal, Reuters

The Nasdaq and the S&P 500 inched up on Thursday after a services activity survey allayed some fears of a slowdown in economic activity, while focus continues to be on the Federal Reserve’s interest rate cut that is expected later this month.

An Institute for Supply Management survey showed services sector activity, a large part of the U.S. economy, rose to 51.5 in August, above expectations of 51.1.

Aiding sentiment, the number of Americans filing new applications for jobless benefits declined last week, opens new tab, according to a Labor Department report.

On the flip side, ADP National Employment data showed private employers hired the fewest number of workers in 3-1/2 years in August, ahead of Friday’s crucial nonfarm payrolls figure.

 

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