NEW YORK (AP) — U.S. stocks ticked higher on Wednesday to hit another all-time high.
The S&P 500 rose 0.5% and set a record for the third time in four days. The Dow Jones Industrial Average edged down by 10 points, or less than 0.1%, and the Nasdaq composite gained 0.9%.
Tesla helped drive the market higher and rose 5% after saying it delivered nearly 374,000 of its Model 3 and Model Y automobiles last quarter. That was better than analysts expected, though the electric-vehicle maker’s overall sales fell 13% from a year earlier.
Worries have been high that CEO Elon Musk’s involvement in politics is turning off potential Tesla buyers.
Constellation Brands climbed 4.5% despite reporting a weaker profit for the latest quarter than analysts expected. It pointed to slowing growth for jobs in the construction industry and other “4000 calorie+” sectors, which tends to hurt demand for its beer.
But the company selling Modelo beer and Robert Mondavi wine nevertheless stuck with its financial forecasts for the full upcoming year.
They helped offset a 40.4% drop for Centene. The health care company withdrew its forecasts for profit this year after seeing data that suggests worse-than-expected sickness trends in many of the states where it does business. It was the worst day for the stock since its debut in 2001.
All told, the S&P 500 rose 29.41 points to 6,227.42. The Dow Jones Industrial Average slipped 10.52 to 44,484.42, and the Nasdaq composite climbed 190.24 to 20,393.13.
In the bond market, Treasury yields were mixed ahead of a highly anticipated report on Thursday, which will show how many jobs U.S. employers created and destroyed last month. The widespread expectation is that they hired more people than they fired but that the pace of hiring slowed from May.
A stunningly weak report released Wednesday morning raised worries that Thursday’s report may fall short. The data from ADP suggested that U.S. employers outside the government cut 33,000 jobs from their payrolls last month, when economists were expecting to see growth of 115,000 jobs.
“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” according to Nela Richardson, chief economist at ADP.
The ADP report does not have a perfect track record predicting what the U.S. government’s more comprehensive jobs report will say each month. That preserves hope that Thursday’s data could be more encouraging. But a fear has been that uncertainty around President Donald Trump’s tariffs could cause employers to freeze their hiring.
