Better than expected economic data gave investors a renewed sense of optimism but the markets came off of the highs of the day over continued worries over the global economy.
Private sector employers added 162,000 jobs in September, according to the ADP employment report. That number exceeded economists' expectations for a gain of 143,000 jobs.
The Institute for Supply Management's non-manufacturing index rose to 55.1 in September, while economists were expecting a dip in the index. A reading over 50 indicates growth in the service sector.
On the earnings front, Monsanto (NYSE:MON) posted a fourth quarter loss and the seed company also posted a conservative earnings forecast for its new fiscal year.
United Continental (NYSE:UAL) and Delta Airlines (NYSE:DAL) are trading higher after rival US Airways (NYSE:LCC) reported better than expected traffic last month.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as chain store sales.
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