New York Report: S&P 500 soars to fresh record

THE S&P 500 closed at another record high yesterday as signs of steady private-sector hiring suggested that the economy was slowly building momentum after a winter-related pullback.

That also put more focus on Friday’s government jobs data, which is among the most widely watched economic indicators.

Yesterday’s data from payrolls processor ADP showed US private-sector employers added 191,000 workers in March, slightly below the 195,000 forecast, while gains in the previous month were revised to 178,000 from a previously reported 139,000, signalling that a winter-related impact on job growth earlier this year was easing. The Dow Jones industrial average rose 40.39 points or 0.24 per cent, to end at 16,573. The S&P 500 gained 5.38 points or 0.29 per cent, to finish at 1,890.90, a record closing high. The Nasdaq Composite added 8.416 points or 0.20 per cent, to close at 4,276.456.