US stocks rose Wednesday amid continued efforts by the US government to reopen the economy.- Investors looked past a dismal report from ADP showing US companies lost 20.2 million jobs in April. The government April jobs report is due Friday.
- General Motors exceeded profit forecasts in its quarterly earnings report. Lyft and Paypal are scheduled to report earnings after the market closes Wednesday.
- Read more on Business Insider.
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Hopes of renewed economic activity offset a dismal ADP employment report. US companies lost 20.2 million jobs in April, slightly better than the median economist estimate of a 20.6 million decline in private payrolls, according to a Wednesday report from. The government April jobs report is due Friday.
Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:
- S&P 500: 2,886.90, up 0.6%
- Dow Jones industrial average: 24,001.19, up 0.5% (118 points)
- Nasdaq composite: 8,902.49, up 1.1%
Investors also continued to look at first-quarter earnings to see how companies have fared during the earliest weeks of the coronavirus pandemic. General Motors exceeded profit forecasts in its quarterly report, sending shares up roughly 7%.
CVS Health gained more than 3% after its earnings release Wednesday, where it also maintained its full year EPS guidance. Lyft and Paypal are scheduled to report earnings after the bell Wednesday evening.
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