Wall Street climbs on job ex­pec­ta­tions

The Financial Daily - - MONEY & FOREX -

NEW YORK: US stocks rose on Wed­nes­day, as a pri­vate em­ploy­ment re­port did lit­tle to shake up ex­pec­ta­tions for Fri­day's pay­rolls data while in­vestors po­si­tioned them­selves for the quar­ter's end. The US labour mar­ket showed signs of fur­ther re­cov­ery in March, as pri­vate- sec­tor em­ploy­ers added jobs and planned lay­offs fell, ac­cord­ing to data re­leased on Wed­nes­day.

While the re­port may not hold pre­dic­tive value for the gov­ern­ment's broader non-farm pay­rolls re­port due on Fri­day, the read­ing was largely in line with ex­pec­ta­tions and failed to alarm in­vestors. "At 200,000 or so, that num­ber is not enough to ex­cite the mar­ket one way or the other. If it in­deed hap­pens to be the num­ber for pay­rolls on Fri­day," said John Canally, and econ­o­mist for LPL Fi­nan­cial in Bos­ton.

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