Reuters/Brendan McDermid
- US stocks moved higher on Wednesday, while bond yields declined Tuesday's highs.
- ADP reported private payrolls climbed 89,000 in September, below forecasts of 160,000.
- The 10-year Treasury pulled back from its highest mark since 2007, hovering around 4.72%.
US stocks moved higher on Wednesday, as the 10-year US Treasury yield retreated slightly after hitting 16-year highs.
The Dow Jones Industrial Average jumped more than 100 points and the Nasdaq Composite rose more than 1% after private payroll data pointed to a weakening labor market, a sign traders hoped would take some pressure off the Federal Reserve to keep tightening monetary policy.