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US markets end higher amid upbeat US economic data

The payroll processor ADP has released a report showing private sector employment in the U.S. rebounded by more than expected in the month of October

The US markets ended higher on Wednesday amid upbeat U.S. economic data. The payroll processor ADP has released a report showing private sector employment in the U.S. rebounded by more than expected in the month of October. ADP said private sector employment climbed by 42,000 jobs in October after slipping by a revised 29,000 jobs in September. Meanwhile, street had expected private sector employment to rise by 25,000 jobs compared to the loss of 32,000 jobs originally reported for the previous month. Further, Institute for Supply Management (ISM) released a separate report showing U.S. service sector activity returned to expansion in the month of October. The ISM said its services PMI climbed to 52.4 in October after falling to 50.0 in September, with a reading above 50 indicating growth. Meanwhile, street had expected the index to inch up to 50.8. 

On the sectoral front, airline stocks continued to see substantial strength, with the NYSE Arca Airline Index soaring by 5.8 percent. Considerable strength also remained visible among biotechnology stocks, as reflected by the 3.1 percent surge by the NYSE Arca Biotechnology Index.

Dow Jones Industrial Average climbed 225.76 points or 0.48 percent to 47,311.00, Nasdaq advanced 151.16 points or 0.65 percent to 23,499.80 and S&P 500 rose 24.74 points or 0.37 percent to 6,796.29.