The Nasdaq composite added 1% to 12,056.44. In Asia, the Shanghai Composite Index opened higher but retreated to close down 0.6% at 3,384.98. U.S. stocks have gained despite lack of agreement in Congress on a new economic aid package with additional unemployment benefits to support consumer spending. A report by payroll processor ADP, widely watched as a forerunner of government employment data due out Friday, showed the private sector added 428,000 jobs in August, less than half the 1 million expected by forecasters. Analysts said that could be a warning sign the job market is cooling after some U.S. states reimposed anti-virus controls and the expiration of supplemental unemployment benefits cut into consumer spending.

Source: Daily Sun September 03, 2020 05:37 UTC