US: Stocks gain on services data, dovish Federal Reserve

[NEW YORK] Wall Street stocks rose for a second straight session on Wednesday, with solid data on the US services sector offsetting a weak private sector hiring report.

But the ADP report was countered by data from the Institute for Supply Management that showed services sector activity strengthening in May after two monthly declines. "The Fed's dovish shift has been the main driver behind the bullish sentiment, but since we still haven't seen any progress being made on the trade standoff with China, volatility could still return," said a note from Gorilla Trades strategist Ken Berman.

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