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U.S. stocks open higher after ADP report

Xinhua, October 5, 2016 Adjust font size:

U.S. stocks opened higher on Wednesday, as investors digested the newly-released ADP employment report.

U.S. private sector employment increased by 154,000 jobs from August to September, below market expectations, according to the September ADP National Employment Report Wednesday.

The ADP figure is watched closely as a pre-indicator for the non-farm payrolls report due Friday.

Traders will keep a close eye on Friday's nonfarm jobs report this week for more clues on the central bank's next move.

Meanwhile, Wall Street focused on Fed speakers for more indications on the timing of next interest rate hikes.

Some Fed officials said earlier this week that there was a strong case to raise interest rates, and the central bank should not delay rates hikes.

Shortly after the opening bell, the Dow Jones Industrial Average gained 94.03 points, or 0.52 percent, to 18,262.48. The S&P 500 rose 9.16 points, or 0.43 percent, to 2,159.65. The Nasdaq Composite Index was up 22.46 points, or 0.42 percent, to 5,312.11.

U.S. stocks reversed early gains to end lower Tuesday, as Wall Street digested remarks from the Fed policy makers. Endi