U.S. stocks rose for the first time in four days, amid better-than-estimated earnings from technology companies while services-industry data indicated the economy is on track for faster growth.
The Standard & Poor’s 500 Index rose 0.3 percent to 2,099.91. at 4 p.m. in New York, after slipping 0.7 percent over the previous three sessions.
Investors are watching economic reports to gauge when the Federal Reserve will increase interest rates, a decision it has forecast for this year. Data today showed service providers from restaurants to real estate agencies expanded in July at the strongest pace in a decade, putting the U.S. economy on track for faster growth.
A separate report Wednesday from ADP Research Institute said companies added fewer workers than expected to payrolls in July, casting doubt on whether labor-market gains can accelerate beyond this year’s current pace. The government’s monthly job report on Friday is projected to show employers took on 225,000 workers last month, while the jobless rate held at a seven-year low of 5.3 percent.