US Market extends gain

The US equity market finished higher for third straight session on Wednesday, 05 February 2020, as investors risk sentiments lifted by positive macroeconomic data and strong U.S. corporate earnings. At closing bell, the Dow Jones Industrial Average rose 483.22 points, or 1.7%, to 29,290.85, while the S&P 500 gained 37.10 points, or 1.1%, to 3,334.69. The Nasdaq Composite Index added 40.71 points, 0.4%, to 9,508.68.

U.S. stocks got a lift after an unexpectedly strong private payroll report from ADP and Moody's. Private payrolls increased by 291,000 in January, the best month for the gauge since May 2015, according to ADP and Moody's data. Separately, the services sector of the U.S. economy, which accounts for most activity, grew at the fastest pace in six months in January, according to ISM's purchasing manager survey.

Moves in the market also come after President Donald Trump on Tuesday delivered his third State of the Union address, which painted an optimistic picture of the country's future and touted the strength of the economy during his tenure.

Capri Holdings Ltd. shares jumped 8.3% Wednesday after the luxury fashion house reported fiscal third-quarter earnings and revenue that beat expectations.

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