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01-Nov2018

US markets end higher on Wednesday

The US markets ended higher on Wednesday for a second straight day as investors applauded quarterly results from companies and an upbeat jobs report. Facebook shares rose 3.8 percent after the company reported better-than-expected earnings. CEO Mark Zuckerberg said during the company's earnings call Facebook plans to invest significantly in its business next year. Besides, buying interest was also generated in reaction to a report from payroll processor ADP showing stronger than expected private sector job growth in the month of October.

Payroll processor ADP released a report showing another significant increase in employment in the US private sector in the month of October. ADP said private employment jumped by 227,000 jobs in October after surging up by a downwardly revised 218,000 jobs in September. Street had expected an increase of about 189,000 jobs compared to the addition of 230,000 jobs originally reported for the previous month. The stronger than expected job growth in October reflected the biggest increase in private sector employment since a jump of 241,000 jobs in February.

Dow Jones Industrial Average gained 241.12 points or 0.97 percent to 25115.76, Nasdaq surged 144.25 points or 2.01 percent to 7305.90 and S&P 500 was up by 29.11 points or 1.09 percent to 2711.74.


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