Wall Street closed higher on Thursday, led by Tesla, Nvidia and other mega-cap growth stocks in busy trading ahead of the release of a key US jobs report on Friday.
The S&P 500 index closed 1.84% higher at 4,176.82 points. The Dow Jones rose 1.33% to 33,248.28 points. The Nasdaq Composite Technology Index rose 2.69% to 12,316.90.
Tesla, Nvidia and Meta Platforms rose more than 4% and led gains in the S&P 500 and Nasdaq indexes. Amazon appreciated 3.1% and Apple 1.7%.
10 of the 11 S&P 500 sector indexes, led by consumer discretionary, gained 3.03%, followed by content up 2.69%.
Job opportunities in the US private sector grew much less than expected in May, a sign that demand for labor is beginning to slow after interest rate hikes and tighter financial conditions, ADP’s national employment report showed. .
All eyes are now on the government’s non-farm payrolls data, which is due out Friday, as investors look for further signs on the health of the US economy and how aggressively the Fed may continue to raise rates. Analysts expect the economy to have created 325,000 jobs in the past month.