The S&P 500 (.SPX) and Nasdaq (.IXIC) closed higher on Wednesday as fresh economic data signaled a cooling U.S. economy, reinforcing expectations the Federal Reserve will pause rate hikes in September. The S&P 500 index reached its highest in nearly three weeks after an ADP National Employment report showed private payrolls increased by 177,000 jobs in August, compared with estimates of 195,000, suggesting a softening labor market. Fresh gross domestic product numbers showed the U.S. economy expanded 2.1% in the second quarter, slower than a preliminary estimate of a 2.4% growth. “Somewhat softer employment data is easing investor concerns for future Federal Reserve interest rate hikes,” said Rob […]
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