Tech Stocks Rebound as US Private Payrolls Exceed Expectations

U.S. stock indexes rose on Wednesday, driven by a rebound in technology shares and better-than-expected private payroll employment data. The Nasdaq Composite gained, while the dollar continued its ascent. Enthusiasm for generative AI and potential resolution to the U.S. government shutdown also fueled market optimism.

In a significant turnaround, U.S. stock indexes saw gains on Wednesday, buoyed by a rebound in technology stocks and stronger-than-anticipated U.S. private payroll data. The Nasdaq Composite rose 149.16 points, signaling renewed confidence among investors.

The recent private payroll data showed an increase of 42,000 jobs in October, surpassing expectations. This has eased some fears regarding the labor market, despite persistent challenges in sectors like professional business services that continue to shed jobs.

Market sentiment was further uplifted by hopes of a resolution to the U.S. federal government shutdown. Additionally, enthusiasm for generative artificial intelligence kept investors optimistic. Meanwhile, the dollar strengthened, while cryptocurrencies like bitcoin and essential commodities had varying movements.

(With inputs from agencies.)