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The S&P 500 began to move higher on Wednesday afternoon as the market rally continued stalling amid rising tensions in the Middle East.
The Dow Jones Industrial Average regained 27.85 points to pause for lunch Wednesday to 42,184.82.
The much broader index gained 7.7 points to 5,716.45
The NASDAQ Composite surged 62.11 points to 17,972.47.
Nike slid more than 5% after the sneaker giant pulled full-year guidance ahead of its CEO change. Tesla dropped 3% after reporting delivery numbers, though the technology sector was buoyed by a rise in Nvidia
That action follows a losing session as rising tensions in the Middle East after Iran fired ballistic missiles on Israel dented risk appetite and investor enthusiasm for the new trading period. Investors are readying for more uncertainty as Israel begins a ground operation into Lebanon and tensions escalated with Iran-backed militant group Hezbollah.
ADP data released Wednesday showed better-than-expected private payroll growth in September. That comes ahead of Friday’s closely followed nonfarm payroll report, which could play a major role in the market’s direction and the Federal Reserve’s next rate move as its cutting cycle begins.
Prices for the 10-year Treasury hiked, lowering yields to 3.79% from Tuesday’s 3.74%. Treasury prices and yields move in opposite directions.
Oil prices gained 23 cents at $70.06 U.S. a barrel.
Gold prices let go of $17.80 to $2,672.50 U.S. an ounce
