NEW YORK: Wall Street stocks rose early Wednesday on good jobs data and revived hopes for a US stimulus package as markets digested a contentious presidential debate.
About 45 minutes into trading, the Dow Jones Industrial Average was up 1.3 percent at 27,803.29.
The broad-based S&P 500 gained 1.0 percent to 3,367.44, while the tech-rich Nasdaq Composite Index advanced 1.1 percent to 11,202.52.
US Treasury Secretary Steven Mnuchin said on CNBC that he was “hopeful” of a Capitol Hill deal on fiscal support, echoing a somewhat more upbeat tone Tuesday from Democratic Speaker of the House Nancy Pelosi.
Doubts about stimulus have dogged the market for most of September.
US private employers added 749,000 jobs in September, topping expectations, payroll services firm ADP said, as employment continues to rebound following the economic hit caused by the coronavirus downturn.
President Donald Trump and former vice president Joe Biden brawled Tuesday night in a loud and chaotic first presidential debate.
Stock futures were little changed until Mnunchin’s comments, suggesting the debate did not change the market’s view of the election.
“The market didn’t learn anything it didn’t already know or think about this particular election process,” said Briefing.com analyst Patrick O’Hare.
“To that end, it knows and thinks that it will be a nasty fight, that polling information is informative but not necessarily gospel based on the 2016 experience, and that the outcome might not be known on election night.

Global stock markets were mostly in the black on Wednesday following a chaotic US presidential debate, while hopes for a second coronavirus stimulus package out of Washington supported the dollar.
In London, investors digested data that confirmed Britain’s virus-hit economy collapsed by almost a fifth in the second quarter.
They nonetheless edged the FTSE 100 index into positive territory in afternoon trading.
In New York, the Dow Jones index was 1.3 percent higher in early exchanges following the release of positive job numbers in the private sector.
With the US presidential debate out of the way, the markets could switch their focus to other topics, suggested Craig Erlam, an analyst at the online brokerage Oanda.
“The (US) jobs report on Friday will be very interesting, particularly against the backdrop of an exhaustive battle in Congress over the next instalment of critical economic aid,” he commented.
On Wednesday, the payroll services firm ADP said that private US employers added 749,000 jobs in September as employment continues to rebound from the economic hit caused by the coronavirus.
Economists view the ADP data as a preview of the monthly Labor Department employment report due Friday that encompasses both private and government hiring.
ADP said that private-sector hiring was seen in businesses of all sizes, with services accounting for most of it.
Despite the upbeat report however, the Labor Department has been reporting weekly jobless claims hovering at levels well above the single worst week of the 2007-2010 global financial crisis.
Earlier in the day, a Chinese purchasing managers index (PMI) also showed improvement in both manufacturing and services in September.
But that produced only mixed results in Asia, as the persistent gloom of rising virus infections continued to dampen the mood.
Markets were more encouraged by news that US Democratic House Speaker Nancy Pelosi had spoken for a second straight day with Treasury Secretary Steven Mnuchin over a long-deadlocked but much-anticipated stimulus package to rescue the battered US economy.
The pair have agreed to continue negotiating.
Key figures around 1415 GMT:
London – FTSE 100: UP 0.2 percent at 5,908.46 points
Frankfurt – DAX 30: UP 0.1 percent at 12,831.87
Paris – CAC 40: UP 0.1 percent at 4,836.13
EURO STOXX 50: UP 0.1 percent at 3,216.84
New York – Dow Jones: UP 1.3 percent at 27,812.76
Tokyo – Nikkei 225: DOWN 1.5 percent at 23,185.12 (close)
Hong Kong – Hang Seng: UP 0.8 percent at 23,459.05 (close)
Shanghai – Composite: DOWN 0.2 percent at 3,218.05 (close)
Pound/dollar: UP at $1.2879 from $1.2863 at 2100 GMT
Euro/pound: DOWN at 90.88 pence from 91.30 pence
Euro/dollar: DOWN at $1.1708 from $1.1744
Dollar/yen: UP at 105.71 yen from 105.66 yen
West Texas Intermediate: UP 0.4 percent at $39.46 per barrel
Brent North Sea crude: DOWN 0.6 percent at $40.77 per barrel

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