Stock Market Today: Stocks Close Higher After ADP Jobs Data

The main benchmarks notched a fourth straight win after private payrolls rose less than expected and Q2 GDP was lowered.

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(Image credit: Getty Images)

 Stocks closed higher Wednesday as investors cheered another bad-news-is-good-news reading on the labor market. However, enthusiasm was contained after a separate economic report stirred up recession fears.  

Ahead of the opening bell, ADP said the U.S. added 177,000 private payrolls in August, well below the 200,000 increase expected by economists and the downwardly revised 324,000 gain in July. The Federal Reserve has consistently expressed concern that a stubbornly tight labor market is working at odds with its efforts to bring down inflation, so today's data is welcome news.

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.