The Dow traded 55 points higher and broke above its all-time closing record. The S&P 500 rose 0.3% and hit a record high as utilities and consumer staples outperformed. The Nasdaq also advanced 0.3%.
Private payrolls in the U.S. increased by 102,000 in June, ADP and Moody’s Analytics said. Economists polled by Dow Jones expected growth of 135,000.
The disappointing data strengthens the case for Fed rate cut at its monetary policy meeting at the end of July. Last month, the central bank opened the door to easier monetary policy by stating it will “act as appropriate” to maintain the current economic expansion.
Wall Street got off to a strong start this week following a trade truce between the two world’s two largest economies. The S&P 500 is up more than 1% week to date and has posted back-to-back record closes.
The U.S. and China agreed to restart trade talks over the weekend, after President Donald Trump offered concessions — including no new charges and an easing of restrictions on tech company Huawei — to soothe tensions with Beijing.
