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U.S. stocks waver amid data, rate hike concern

Xinhua, August 4, 2016 Adjust font size:

U.S. stocks traded in a range on Wednesday, as investors assessed the newly-released jobs data for implications on the timing of a next interest rate hike.

At midday, the Dow Jones Industrial Average ticked up 16.37 points, or 0.09 percent, to 18,330.14. The S&P 500 rose 1.08 points, or 0.05 percent, to 2,158.11. The Nasdaq Composite Index gained 3.43 points, or 0.07 percent, to 5,141.16.

U.S. private sector employment increased by 179,000 jobs from June to July, better than market expectations, said the July ADP National Employment Report Wednesday.

If the U.S. labor market is robust enough, analysts said U.S. Federal Reserve might raise interest rates later this year.

Atlanta Fed President Dennis Lockhart said Tuesday that he did not rule out a rate increase at the central bank's next meeting in September.

Meanwhile, investors will also keep a close eye on Friday's nonfarm jobs report for more clues on the Fed's next move.

The U.S. non-manufacturing index registered 55.5 percent in July, 1 percentage point lower than the June reading of 56.5 percent, the Institute Supply Management reported Wednesday.

Oil prices were also in focus, with the U.S. oil settling below 40 U.S. dollars a barrel on Tuesday for the first time since April, as concerns about a supply glut continued to weigh on the market.

U.S. stocks ended lower Tuesday, following a broad decline in global stock markets, as investors assessed the country's consumption data. Endit