By Medha Singh and Devik Jain
(Reuters) – The S&P 500 rose on Wednesday for the ninth time in the past ten sessions on a boost from Nvidia and Microsoft, as data showed a moderate increase in U.S. private payrolls last month.
The best-performing S&P 500 constituent Nvidia Corp gained 2.7% after several brokerages hiked their price targets on its shares following the announcement of powerful gaming chips in collaboration with Micron Technology Inc and Samsung Electronics Co Ltd.
The Philadelphia SE chip index rose 1.6%.
U.S. private employers hired 428,000 workers in August, according to an ADP report, far below economists’ forecast of a 950,000 increase, signaling the labor market recovery was slowing as the COVID-19 pandemic drags on and fiscal stimulus fades.
Focus will now be on the government’s comprehensive employment report, which is slated for Friday.
“It’s amazing how good our economy is doing given how we