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US stocks close higher amid economic data

US stocks closed higher as investors were digesting a slew of major economic reports.

The Dow Jones Industrial Average on Wednesday added 27.06 points, or 0.12 per cent, to 21,892.43. The S&P 500 gained 11.29 points, or 0.46 per cent, to 2,457.59. The Nasdaq Composite Index was up 66.42 points, or 1.05 per cent, to 6,368.31, Xinhua news agency reported.

US private sector employment increased by 237,000 jobs in August, well above the market consensus of 185,000, according to ADP National Employment Report released on Wednesday.

The ADP report is often seen as a preview for the closely-watched US nonfarm payrolls data due out on Friday.

US real gross domestic product (GDP) increased at an annual rate of 3 per cent in the second quarter of 2017, according to the second estimate released by the Commerce Department on Wednesday.

The market has been closely watching the Federal Reserve’s next move.

Expectations for tighter monetary policy in the United States have been dampened recently by soft inflation data. Market expectations for a rate hike in December are just 35.7 percent, according to the CME Group’s FedWatch tool.

Meanwhile, investors continue to assess the impact of the missile launch by North Korea.

North Korea fired a missile early Tuesday and the missile fell into the Pacific Ocean off Hokkaido after passing over the Japanese archipelago, said the Japanese government.

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