(Bloomberg) — Stocks rose and the dollar fell as the latest round of economic data bolstered speculation the Federal Reserve will provide enough stimulus to propel growth. Oil dropped.
Tech shares led gains in the S&P 500 as an ADP Research Institute report showed companies added fewer jobs than expected in August. While manufacturing expanded at a stronger-than-expected pace, supply-chain bottlenecks were accompanied by labor constraints. Those figures came before key payrolls data on Friday, with economists expecting a deceleration from the rapid gain in the prior month and a drop in the unemployment rate.
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For several analysts, August’s employment report isn’t likely to clarify the labor-market picture and the timing for Fed stimulus tapering as the delta coronavirus variant weighs on consumer sentiment. While June and July were strong months for hiring as…