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Dow surges 527 points as positive labor-market data overshadows nationwide protests

Dow surges 527 points as positive labor-market data overshadows nationwide protests
Reuters



US equities climbed on Wednesday as investors pointed to positive labor-market data as a new sign of smooth economic recovery.




Major indexes gained after an ADP labor-market report said US private payrolls fell by 2.76 million in May, far below economists' estimate of 9 million.




Airline stocks jumped after the White House banned Chinese airlines from operating passenger flights to the US starting mid-June.




Oil prices fluctuated amid reports that OPEC may cancel a Thursday meeting unless all members agree to concerted production-cut extensions.




Watch major indexes update live here.




The stock market's June rally continued on Wednesday as growing hopes of a smooth economic recovery drowned out nationwide protests.
Major indexes gained through the morning after an ADP labor-market report said US private payrolls fell by 2.76 million in May, less than one-third of the decline expected by economists. The reading was a steep decline from April's record slump of 19.6 million.
Economists expected a far worse drop of 9 million jobs, suggesting Friday's jobs report could also defy estimates and further boost investor sentiment.
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