At the close of trade, the Dow Jones Industrial Average index rose 210.22 points, or 0.61%, to 34,503. The S&P 500 index added 5.70 points, or 0.13%, at 4,298. The tech-heavy Nasdaq Composite Index was down 24.38 points, or 0.17%, to 14,504.
Total 6 of 11 S&P 500 sectors closed up, with energy (up 1.31%) was top gainer, followed by industrials (up 0.84%), consumer staples (up 0.72%), and financials (up 0.47%) sectors, while real estate (down 0.76%) was top losers, followed by communication services (down 0.23%) sector.
ECONOMIC NEWS: US private sector employment increased by 692,000 jobs from May to June according to the June ADP National Employment Report. The report, which is derived from ADP's actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. Data for May was revised lower to show 886,000 jobs added instead of the initially reported 978,000. Leisure and hospitality payrolls increased by 332,000 jobs and there were solid gains in education and health services. Factories added only 19,000 jobs, below the monthly average 43,000 jobs in the past three months. Hiring at construction sites increased by 47,000 jobs.
US pending home sales rebounded strongly in May, reaching the highest reading ever for the month of May since 2005, according to the National Association of Realtors. All four U.S. regions registered both month-over-month increases and year-over-year gains for pending home sales contract transactions for the month of May. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 8.0% to 114.7 in May. Year-over-year, signings increased 13.1%. An index of 100 is equal to the level of contract activity in 2001.
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