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Wall Street opens in green and the Dow Jones rises 0.32%

Wall Street opened this Wednesday in green and the Dow Jones Industrial Average, its main indicator, rose 0.32%, after the publication of the report on unit labor costs and productivity, which gave hope to investors of a fall in the inflation.

Eleven minutes after the stock market opened, the Dow Jones stood at 36,305 points, and the selective S&P 500 rose 0.45% to 4,595 points.

For its part, the Nasdaq market composite index, in which large technology companies are listed, grew by 0.63%, to 16,009 points.

The United States Department of Labor showed this Wednesday in a report that unit labor costs – which measure the relationship between wages and production – fell 1.2% from July to September, while productivity increased by 5.0%. 2% in those months.

Investors consider the drop in labor costs a good sign for inflation, while the increase in productivity would suggest that the economy is capable of avoiding a recession, the economic portal CNBC explained this Wednesday.

For its part, the company Automatic Data Processing (ADP) today published a report on job creation in the private sector, which slowed in November, while private payrolls recorded their lowest growth in more than two years.

“The ADP wage data shows that the Federal Reserve’s anti-inflationary treatment is having an effect,” David Russell, global head of market strategy at Trade Station, told CNBC.

Analysts are looking ahead to next week’s Federal Reserve meeting, where the central bank could raise or lower interest rates.

Almost all sectors opened in green, led by the industrial sector (0.88%) and the financial sector (0.79%), while the largest losses were for the energy sector (-0.59%) and the essential goods sector. (-0.25%).

Among the 30 Dow Jones values, the increases in Caterpillar (1.41%) and Boeing (1.11%) stood out, and the losses in Verizon (-0.75%) and Chevron (-0.55%).

Source: Elcomercio

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