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S&P 500, NASDAQ Hit Record High Again: Wall Street rises as strong private jobs data boosts confidence

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SOURCE: YAHOO FINANCE

URL: https://finance.yahoo.com/news/wall-street-opens-higher-133341472.html

By Sweta Singh and Tanya Agrawal

(Reuters) - U.S. stocks were higher in late afternoon trading on Thursday, with the S&P 500 and Nasdaq hitting record highs, as better-than-expected private sector hiring pointed to strength in the labor market.

The ADP private sector employment report showed that 253,000 jobs were added in May, well above the 185,000 jobs estimated by economists polled by Reuters.

The report acts as a precursor to the much-awaited nonfarm payrolls data, due on Friday, that includes hiring in both public and private sectors.

"The ADP numbers were good today and often times, but not always, they are a good indication of the monthly jobs data," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

Another report showed factory activity ticked up in May, after slowing for two straight months, and suggested the economy was regaining speed after struggling at the start of the year.

San Francisco Federal Reserve Bank President John Williams said on Wednesday that while he sees three interest rate hikes this year as his baseline scenario, four rate increases would also be appropriate if the economy got an unexpected boost.

Fed Governor Jerome Powell, an influential policymaker, told CNBC that he expects three rate hikes this year.

Forecasts from Fed officials suggest that a median of two more hikes are planned before the end of the year.

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