"Wall Street still doesn't seem to care much about the latest shutdown of the U.S. government, as stocks drift around their records on Wednesday, but yields are sinking in the bond market following the latest discouraging signals on the economy. The S&P 500 rose 0.2% in afternoon trading. The Dow Jones Industrial Average added 20 points, or less than 0.1%, to its all-time high set the day before, while the Nasdaq composite rose 0.3%, as of 1:31 p.m. Eastern time."
"Employers outside the government actually cut 32,000 more jobs than they added, according to the survey by ADP Research, with the Midwest taking particularly hard hits. What's worse, the survey also revised down its numbers for employment in August, down to a loss of 3,000 jobs from a previously reported gain of 54,000. Usually, traders on Wall Street wait for a more comprehensive jobs report that comes from the U.S. government each month to suss out how the job market is doing. The U.S. government gets its data from a larger sample of employers than the ADP survey, which does not have a perfect track record predicting what the more comprehensive report will say each month."
Stock indexes hovered near record highs despite a new U.S. government shutdown, with the S&P 500 rising 0.2%, the Dow near its all-time high, and the Nasdaq up about 0.3%. Treasury yields fell as markets reacted to weaker hiring signals. An ADP Research survey showed non-government employers cut 32,000 more jobs than they added and revised August employment down to a 3,000 loss from a previously reported 54,000 gain. The Labor Department’s broader monthly report likely will be delayed by the shutdown. Market participants hope slowing hiring will prompt Federal Reserve rate cuts without triggering a recession.
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