By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market pushed higher on
Wednesday, set for a fourth day of gains, with the S&P 500
notching an intraday record in early trade.
The market's reaction was muted after a pair of
better-than-expected economic reports. Private-sector hiring in
March picked up to the fastest pace in three months while factory
orders rose in February. Headline numbers on both were stronger
than expected.
The S&P 500 index (SPX) dipped in and out of negative
territory. The benchmark index was last trading up less than a
point at 1,884.39.
The Dow Jones Industrial Average (DJI) was flat at
16,532.19.
The Nasdaq Composite (RIXF) slipped 3 points to 4,264.92.
Follow MarketWatch's live blog of today's stock-market
action.
In economic news, private-sector-employment gains picked up in
March, with employers adding the most jobs in three months, and
quicker hiring may be ahead, Automatic Data Processing Inc.
reported Wednesday.
ADP said private-sector employers added 191,000 jobs last month,
up from 178,000 in February. A prior estimate pegged February's
increase at 139,000.
While some economists use ADP's number to get a feeling for the
official nonfarm payrolls data, it is not always a reliable
indicator, according to Ian Shepherdson, chief economist at
Pantheon Macroeconomics.
"We no longer view ADP as a useful advance indicator of the
official payroll numbers. Since ADP was revamped in October 2012 it
has clearly tended to lag movements in the official numbers by a
month. We still look for 250,000 jobs gain on Friday," wrote
Shepherdson in an emailed comments.
Separately, orders for goods produced in U.S. factories rose 1.6
% in February, the U.S. Commerce Department said Wednesday. Orders
for durable goods -- products meant to last at least three years --
rose 2.2% in February. Orders for nondurable goods increased
1%.
Two Federal Reserve officials are due to speak on Wednesday.
Atlanta Fed President Dennis Lockhart, who isn't a voting member of
the central bank's policy committee, will speak about the economic
outlook to the Miami Chamber of Commerce at 12:55 p.m. Eastern. St.
Louis Fed President James Bullard, also not a voting member, will
meet with reporters at 4 p.m. Eastern.
Among individual stocks, Monsanto Co. (MON) shares fell slightly
after the agricultural company reported its second-quarter
earnings. The company said its fiscal second-quarter earnings grew
13% thanks to continued strength in its soybean seed sales as well
as improved margins. Results beat expectations.
Shares of MannKind Corp. (MNKD), which surged 100% in
after-hours trading on Tuesday, was up another 83% to $7.31 on news
a Food and Drug Administration advisory panel recommended approval
of the biopharmaceutical company's inhaled diabetes drug
Afrezza.
General Motors Co. (GM.XX) rose 1% as Chief Executive Mary Barra
returned to Capitol Hill to continue her testimony on the company's
handling of a massive recall linked to an ignition defect. GM said
on Tuesday that U.S. sales in March rose 4% to 256,047
vehicles.
Nomura analysts initiated coverage of GM on Wednesday with a
reduce rating, alongside a neutral rating for Ford Motor Co. (F).
"We believe increasing macroeconomic headwinds will affect Ford and
GM's profitability negatively relative to very high expectations
for a FY15 earnings-per-share recovery," said analyst Harald
Hendrikse in a note.
Ford shares were 0.6% lower.
Shares of Intuitive Surgical Inc. (ISRG) rose 1.5% after surging
11% on Tuesday after the company said it received the go-ahead from
the U.S. Food and Drug Administration for its da Vinci Xi Surgical
System.
In overseas markets, the Stoxx Europe 600 index logged light
gains as investors awaited U.S. data and Thursday's European
Central Bank meeting. Asia stocks chased up Wall Street gains, with
a 1% rose for Japan's Nikkei Average and more modest advances
elsewhere. A weaker yen (USDJPY) contributed to the gains on the
Nikkei. Gold (GCM4) rose 1%, while oil (CLK4) was flat.
More must-reads from MarketWatch:
Are the goldbugs finally crying 'uncle'?
Thank Europe for the stock market's next rally
'Epic' debate on high-frequency trading
Subscribe to WSJ: http://online.wsj.com?mod=djnwires