S&P 500, Nasdaq up as tech stocks rise; lockdown easing hopes persist

REUTERS: The S&P 500 and Nasdaq rose on Wednesday on hopes of a pickup in business activity as states eased coronavirus-induced curbs, with investors also looking past a stunning 20 million plunge in U.S. private payrolls last month.

U.S. stock indexes have rebounded sharply with a rally in April sparked by unprecedented stimulus and signs that the virus outbreak was peaking. "Investors have concluded that because of the very weak ADP survey for April they anticipate the worst for Friday's nonfarm payroll report," said Sam Stovall, chief investment strategist at CFRA Research in New York.

At 12:58 p.m. ET the Dow Jones Industrial Average was up 10.96 points, or 0.05per cent, at 23,894.05, the S&P 500 was up 5.03 points, or 0.18per cent, at 2,873.47 and the Nasdaq Composite was up 106.43 points, or 1.21per cent, at 8,915.55.

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