Wall Street records fifth consecutive quarterly earnings | Business and Economic News

The Dow Jones, S&P 500 and Nasdaq Composite Index ended the session with fifth consecutive gains.

Wall Street made its fifth win on Wednesday, a sign that the recovery from the worst days of the U.S. COVID-19 pandemic is continuing.

The S&P 500 closed its fifth consecutive record, the Dow gained somewhat and the Nasdaq fell as investors ended the month and the first half of 2021 on a tightrope of optimistic caution.

The Dow Jones Industrial Average fell more than 210 points, or 0.61 percent, to end the quarter at 34,502.51.

The broad S&P 500 index – retirement and the health of university savings accounts – gained 0.13 percent to end the session at 4,297.50, while the Nasdaq Composite Index fell 0.17 percent to 14,503.95.

The S&P 500 achieved its second-best performance since its first half of 1998, up 14.4 percent.

In June, the S&P 500 took its fifth straight lead, followed by a four-month victory for the Dow. The Nasdaq also closed the month higher.

While it looks promising to return to normalcy, fears about inflation and the COVID-19 variants continue to threaten the U.S. economic recovery.

Strong employment and housing data

The private sector added 692,000 jobs in June, suggesting it would begin to alleviate severe labor shortages, the ADP pay processor reported on Wednesday.

The sectors reopened and boosted activity.

Leisure and hospitality added 332,000 jobs while the education and health sectors gained 123,000, manufacturing 19,000 and construction boosted 47,000 jobs.

Some economists say ADP’s numbers are warmer than what the U.S. Bureau of Labor Statistics pay report will publish on Friday.

“While the ADP survey has valued more than 400,000 in the official measure of private payrolls in recent months, we are not reviewing the official measure’s forecast,” Capital Pearl’s Michael Pearce said in a statement on Wednesday.

“We’ve evolved with lower growth over the last 500,000, in line with the pace of recent gains, and it would give another signal that the Fed is on track to achieve“ significant progress ”in its goals,” Pearc added.

According to U.S. data, home sales rose by 8.5 percent in May, with a strong gain of 8.5 percent. Although the push was expected by economists to slow.

“The rebound in pending home sales suggests a steady pace of early home sales,” Jan Hatzius of Goldman Sachs wrote in a note Wednesday.