The Nasdaq Composite hit a record high on Wednesday, with high-growth technology stocks in the lead after much-weaker-than-expected private payrolls data raised hopes for an extended support from the U.S. Federal Reserve. Apple hit a new all-time intraday high of $154.98.
Technology stocks, which tend to benefit from a low-rate environment, were up 0.7%, while sectors considered as bond-proxies such as utilities rose 1.2%.
Apple jumped 1.9% to hit record highs, while Microsoft, Google, Amazon and Netflix gained 1%.
The ADP report, published ahead of the government’s more comprehensive employment report on Friday, showed U.S. private employers hired far fewer workers than expected in August.
“If we see employment slowing on Friday, the Fed is most likely to not hint at any tapering until jobs are back on track,” said Sam Stovall, chief investment strategist at CFRA.
U.S. Federal Reserve Chair Jerome Powell has suggested that an improving labor market will be a key factor affecting the decision for a tapering of its massive asset purchases.
MacDailyNews Take: Apple’s market value currently stands at $2.556 trillion.