The Dow and S&P 500 both closed at record highs on Wednesday, but trading was flat, as investors awaited the all-important unemployment figures due on Thursday. The Dow Jones Industrial Average rose just 20 points to 16,976.24, failing to break through the 17,000-point barrier. The S&P 500 was 1 point higher, at 1974.62, but the Nasdaq was fractionally down. Markets rose in the morning on an ADP report that private sector job creation surged in June, with companies adding a much larger than expected 281,000 new positions.The report is viewed as an indicator of the non-farm payrolls data due Thursday and estimated to rise by 212,000. Peter Boockvar, chief market analyst at The Lindsey Group, said increasing jobs indicates the economy is improving, but greater labor costs will likely lessen profit margins.
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- Evelyn Cheng, CNBC.com