Investing.com - U.S. stocks closed higher Wednesday, following the release of bullish U.S. employment data, as concerns over the outlook for global economic growth continued to weigh.
At the close of U.S. trade, the Dow Jones Industrial Average climbed 0.09%, the S&P 500 index added 0.36%, while the Nasdaq Composite index added 0.49%.
In a report, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 162,000 in September, surpassing expectations for an increase of 143,000.
The previous month’s figure was revised down to a gain of 189,000 from a previously reported increase of 201,000.
Investors remained cautious however, after weak service sector data out of Europe and China fuelled concerns over the outlook for the global economic recovery.
Earlier Wednesday, official data showed that growth in China’s service sector moderated in September, underlining concerns over a slowdown in the world’s second largest economy.
IHewlett-Packard climbed 0.47%, as it was preparing to hold an analyst day meeting and investors were expected to grill Chief Executive Meg Whitman on how she plans to reverse a share price that has lost more value this year than almost any other major technology company.
Also in the tech sector, Apple advanced 0.51% after Google subsidiary Motorola Mobility reportedly dropped a complaint of patent infringement against the iPhone maker without explanation.
Elsewhere, Best Buy rallied 2.53% after Reuters reported that the company's founder Richard Schulze and at least four private-equity firms are looking at the company’s finances with a view to a possible USD11 billion buyout.
Stocks were mixed in the financial sector, as shares in JP Morgan dropped 0.73% and Goldman Sachs declined 0.45%, while Citigroup inched down 0.09% and Bank of America advanced 0.45%.
Among earnings, Family Dollar surged 5.23%after the discount chain posted a higher quarterly profit.
At the close of European trade, the EURO STOXX 50 eased lower by 0.074%, France’s CAC 40 dipped 0.24%, while Germany’s DAX 30 rose 0.22%.
Traders are awaiting the euro zone interest rate decision, and the FOMC minutes on Thursday.