The Dow Jones Industrials came off its highs of the day, but stayed buoyant 133.4 points to finish Wednesday at 33,269.77
The S&P 500 prospered 28.83 points at 3,852.97
The NASDAQ Composite Index recovered 71.78 points to 10,458.76.
All three indexes notched their first positive close of the year, breaking two consecutive days of losses, after rallying from negative territory in the afternoon.
The November Job Openings and Labor Turnover report, or JOLTS, came in slightly better than anticipated, signaling continued labor market strength amid the central bank’s rate hikes to tame inflation. The ISM manufacturing index, on the flip side, showed a contraction in the sector after 30 months of expansion, signaling that interest rate increases may be working to slow the economy.
U.S. stocks rose as investors digested the reports but pared gains when minutes from the Federal Reserve’s December meeting showed hawkish sentiment from the central bank even as it delivered a half-percentage point rate hike, smaller than previous increases. The report also showed the Fed intends to hold higher rates until there’s sufficient data proving inflation has cooled.
Consumer companies Walgreens Boots Alliance and Constellation Brands are scheduled to report quarterly earnings before market open on Thursday.
Prices for the 10-year Treasury gained ground, lowering yields to 3.68% from Tuesday’s 3.77%. Treasury prices and yields move in opposite directions
Oil prices dropped $3.71 to $73.22 U.S. a barrel.
Gold prices heightened $14.80 to $1,860.90 U.S. an ounce.