Wall Street's main indexes and the Dow hit a record high on Wednesday, as growth stocks bounced from a steep selloff in the previous session and a survey showed private jobs rose in April.
U.S. stocks rebounded on Wednesday as strong earnings results and economic optimism pushed the Dow Jones Industrial Average to a record high.
The blue-chip Dow gained 97.31 points, or 0.3%, to 34,230.34, hitting a record closing high.
The S&P 500 rose 0.1% to 4,167.59.
The Nasdaq Composite fell 0.4% to 13,582.42, however, as Amazon, Netflix and Facebook all dipped more than 1%.
On the data front, private payrolls rose by 742,000 jobs in April, according to a Wednesday report from ADP. This result was below expectations of 800,000 jobs from economists surveyed by Dow Jones. ADP did revise its March report upward by 48,000 jobs.
Meanwhile, the IHS Markit U.S. services purchasing managers index came in at 64.7 for April, ahead of the projected reading of 63.3, according to economists surveyed by Dow Jones. The ISM non-manufacturing index came in slightly under expectations at 62.7, however. PMIs are calculated such that readings above 50 represent expansion in an economic sector.
Still, the recent surge in commodities prices, including lumber and corn, is increasing inflation expectations and making cyclical stocks more attractive, said Andrew Smith, the chief investment strategist at Delos Capital Advisors in Dallas.
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