Investing.com – U.S. stocks were sharply higher after the open on Wednesday, as concerns over sovereign debt contagion in the euro zone eased and after better-than-expected U.S. employment data.
During early U.S. trade, the Dow Jones Industrial Average surged 1.85%; the S&P 500 index jumped 1.79%, while the Nasdaq Composite index soared 2.18%.
Earlier in the day, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 93K in November, after rising by a revised 82K in October. Analysts had expected non-farm private sector employment to increase by 65K in November.
Meanwhile, shares in the financial sector were broadly higher amid speculation that the European Central Bank would take decisive steps to combat market turmoil that has stoked contagion fears in the euro zone.
Shares in global financial service provider Citigroup jumped 2.14%, rivals Bank of America saw shares rise 1.76%, while U.S. listed shares of Spain’s largest lender Banco Santander soared 6.24%.
Elsewhere, shares in the commodity sector performed strongly after crude oil and metal prices advanced on the back of a broadly weaker U.S. dollar.
Shares in oil and gas giant Exxon-Mobile rose 1.93%, shares in the largest U.S. aluminum producer Alcoa jumped 2.25%, while shares in the world’s largest copper producer Freeport McMoran Copper & Gold rallied 2.87%.
Meanwhile, shares in airplane engine manufacturer United Technologies leaped 2.59%, after aircraft manufacturer Airbus SAS said it planned to sell A320 aircrafts with one of the firm’s engines.
Elsewhere, shares in the world’s largest online travel company Expedia jumped 4.63% after the stock was upgraded to ‘buy’. Rivals Travelzoo saw shares add 4.43%, while Orbitz Worldwide saw shares rally 5.13%.
Across the Atlantic, European stock markets posted sharp gains: the EURO STOXX 50 rallied 2.30%, France’s CAC 40 jumped 1.21%, Germany's DAX soared 2.17%, while Britain's FTSE 100 surged 1.91%.
Later in the day, the U.S. was to produce data on manufacturing activity and construction spending. In addition, the Federal Reserve was to publish its Beige Book.
During early U.S. trade, the Dow Jones Industrial Average surged 1.85%; the S&P 500 index jumped 1.79%, while the Nasdaq Composite index soared 2.18%.
Earlier in the day, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 93K in November, after rising by a revised 82K in October. Analysts had expected non-farm private sector employment to increase by 65K in November.
Meanwhile, shares in the financial sector were broadly higher amid speculation that the European Central Bank would take decisive steps to combat market turmoil that has stoked contagion fears in the euro zone.
Shares in global financial service provider Citigroup jumped 2.14%, rivals Bank of America saw shares rise 1.76%, while U.S. listed shares of Spain’s largest lender Banco Santander soared 6.24%.
Elsewhere, shares in the commodity sector performed strongly after crude oil and metal prices advanced on the back of a broadly weaker U.S. dollar.
Shares in oil and gas giant Exxon-Mobile rose 1.93%, shares in the largest U.S. aluminum producer Alcoa jumped 2.25%, while shares in the world’s largest copper producer Freeport McMoran Copper & Gold rallied 2.87%.
Meanwhile, shares in airplane engine manufacturer United Technologies leaped 2.59%, after aircraft manufacturer Airbus SAS said it planned to sell A320 aircrafts with one of the firm’s engines.
Elsewhere, shares in the world’s largest online travel company Expedia jumped 4.63% after the stock was upgraded to ‘buy’. Rivals Travelzoo saw shares add 4.43%, while Orbitz Worldwide saw shares rally 5.13%.
Across the Atlantic, European stock markets posted sharp gains: the EURO STOXX 50 rallied 2.30%, France’s CAC 40 jumped 1.21%, Germany's DAX soared 2.17%, while Britain's FTSE 100 surged 1.91%.
Later in the day, the U.S. was to produce data on manufacturing activity and construction spending. In addition, the Federal Reserve was to publish its Beige Book.