US STOCKS-Wall Street flat after strong jobs data; utilities slip

miércoles 2 de julio de 2014 10:45 GYT
 

* ADP jobs data much better than expected

* Rackspace shares up on report it may go private

* Dow, S&P 500, Nasdaq up very slightly (Updates prices, adds data, comment)

By Rodrigo Campos

NEW YORK, July 2 (Reuters) - U.S. stock indexes were little changed on Wednesday, with the Dow industrials hovering just below 17,000, after the U.S. private sector created many more jobs than expected last month.

At its session high, the Dow was within 15 points of the milestone 17,000 level, and the S&P 500 is less than 1.5 percent away from 2,000. Both round-number levels could serve as psychological barriers as the market trades at record highs.

U.S. private employers hired 281,000 workers in June, marking the biggest monthly increase since November 2012, well above market expectations for 200,000, data from payrolls processor ADP showed. The number bodes well for the government's June payroll data due Thursday.

"We're looking for a bit of a snapback in the economy and this is certainly data that points in that direction," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

"The pattern of better economic data continues, that means we've got an improving economy which should lead to higher earnings and be constructive for stocks."   Continuación...