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 October 4, 2017 - 12:06 PM EDT
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Stocks Follow Health-Care to More Records

Stocks Follow Health-Care to More Records

U.S. stocks inched higher on Wednesday and eked out record highs as health-care outperformed.

The Dow Jones Industrials added 35.41 points to Tuesday's record, pausing for noon at 22,677.08, UnitedHealth contributing the most to the slight gains.

The S&P 500 advanced 3.93 points to 2,533.99 from Tuesday's all-time record to 2,533.88, Health-care has been on a tear this week, advancing 1.4% in the period.

The NASDAQ added 5.52 points to Tuesday's record high to 6,537.23

Helping lift stocks was regained enthusiasm around the possibility of tax reform. Last week, Republicans unveiled sweeping changes to the U.S. tax code. The proposed changes would lower the corporate tax rate to 20% from 35%.

Investors sifted through key economic data on Wednesday. ADP and Moody's said that private-sector jobs grew by 135,000 in September, which is a sharp decline from August. The report from ADP and Moody's often serves as a preview to the government's employment situation report. The latest government read on jobs growth is set for release Friday morning.

Other data released Wednesday included the Institute for Supply Management's non-manufacturing index, which hit 59.8 in September. Last month's print easily beat the expected number of 55.5.

Prices for the benchmark 10-year Treasury note were down a bit, raising yields to 2.34% from Tuesday's 2.33%. Treasury prices and yields move in opposite directions.

Oil prices recovered two cents a barrel to $50.44 U.S.

Gold prices stayed positive $1.80 to $1,276.40 U.S. an ounce


Source: Livemoney US Market Commentary (October 4, 2017 - 12:06 PM EDT)

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