"Dow Climbs as Markets Struggle to Overcome Early 2024 Slump Amid Mixed Labor Data"
The S&P 500 and Nasdaq showed muted reactions following the release of positive U.S. private payroll data for December, which suggested a resilient labor market. This could affect the timing of anticipated interest rate cuts by the Federal Reserve. Wall Street had experienced a significant rally towards the end of 2023, driven by expectations of rate reductions. The ADP National Employment report indicated a higher-than-expected increase in private payrolls, while separate data showed a rise in unemployment claims. Investors are also considering the implications of the latest S&P Global PMI data and individual company news, such as Walgreens' dividend cut and Mobileye's revenue forecast miss, which influenced stock performance.