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US stocks close mixed with tech lower as traders weigh economic-recovery data

Added 05-05-21 04:14:02pm EST - “US stocks were mixed Wednesday, with tech ending lower. Moderna and Pfizer tumbled after news broke that the Biden administration backs lifting vaccine IP protections.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “US stocks close mixed with tech lower as traders weigh economic-recovery data”. Below is an excerpt from the article.

US stocks close mixed Wednesday with technology leading the losses as traders weigh economic recovery data against inflationary concerns. 

The US private sector saw hiring accelerate through April - growing by 742,000 last month - according to ADP's monthly employment report, as widespread vaccination led the economy to further reopen.

The median estimate from economists surveyed by Bloomberg was for a gain of 873,000 payrolls. The most optimistic estimates pegged job growth at well over 1 million.

"The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September 2020," Nela Richardson, chief economist at ADP, said in a statement.

"US stocks are rising after solid economic data, calm in the bond market, and as the global economic recovery improves," Edward Moya, senior market analyst at Oanda, said in a note.

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