NEW YORK, May 5 — Tech shares were higher early today, staging a partial recovery from the prior session’s rout after a solid April employment report and strong General Motors results.
US private firms added 742,000 jobs in April, according to a survey from payroll services firm ADP, fewer than expected but nonetheless the fourth consecutive month of gains as the economy recovers from the Covid-19 pandemic.
The report comes ahead of Friday’s closely-watched government jobs report, where the Labor Department will say how many jobs the economy added last month, and update the unemployment rate.
About 15 minutes into trading, the Dow Jones Industrial Average was essentially flat at 34,136.12.
The broad-based S&P 500 gained 0.3 per cent to 4,178.56, while the tech-rich Nasdaq Composite Index advanced 0.7 per cent to 13,722.52.
The Nasdaq plunged nearly two per cent yesterday following comments from Treasury Secretary Janet Yellen that added to worries about inflation and higher interest rates.
Among individual stocks, GM rose 3.6 per cent after reporting a jump in profits and reaffirming its full-year forecast despite a semiconductor shortage that has constrained production. — AFP
