All three major indexes ended higher today on reports that private companies are adding jobs. The lack of new jobs has been a concern regarding the strength of the economic recovery and indications of improvement tend to push the market higher. Today, ADP, a payroll processor announced private companies added upwards of 200,000 employees in February, meeting analyst’s expectation.
Telecommunications stocks were the primary gainers on Wednesday with a 1.4 percent increase for the sector. Everyone of the 10 companies that comprise benchmark Standard & Poor's 500 index rose.
The SP index was up 8.82 points, or 0.7 percent at close, finishing the day at 1,328.26. The Dow Jones industrial average was also up 71.60, or 0.6 percent, to 12,350.61. The Nasdaq composite climbed 19.90, or 0.7 percent, to 2,776.79.
Three stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume came to 3.9 billion shares.
Big gainers for the day included biopharmaceutical company, Cephalon, Inc. (NASDAQ: CEPH) which rose 28.41% and digital, wireless technology provider InterDigital, Inc (NASDAQ: IDCC). Clean Energy Fuels Corp (NASDAQ: CLNE) rose 9.95% and 3D Systems Corporation (NASDAQ: TDSC) closed 9.78% higher.
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