Traders work at the New York Stock Exchange on March 3, 2026. <\/p>\n
NYSE<\/p>\n
The S&P 500<\/a> rose on Wednesday, building on the momentum seen late in the previous session, as fears about a U.S. economic growth scare faded and investors eyed developments in the U.S.-Israeli war on Iran<\/a>.<\/p>\n The broad-based index gained 0.7%, while the Nasdaq Composite<\/a> moved 1.3% higher. The Dow Jones Industrial Average<\/a> added 217 points, or 0.4%.<\/p>\n A couple of strong economic data releases bolstered sentiment among investors Wednesday. Firstly, ADP reported that private sector companies added more jobs than anticipated<\/a> in February. On top of that, the U.S. nonmanufacturing sector recorded better-than-expected growth last month<\/a> with easing inflation pressures.<\/p>\n The rally in oil prices that has taken place in the wake of the war in the Middle East continued to lose steam<\/a> Wednesday after Treasury Secretary Scott Bessent told CNBC on Wednesday that the U.S. is going to make “a series of announcements”<\/a> to support the flow of oil through the Persian Gulf. Brent crude oil futures<\/a> were last marginally lower, as were West Texas Intermediate crude futures<\/a>. Both ended Tuesday’s trading off their session highs<\/a>, up more than 4%.<\/p>\n The move comes after President Donald Trump<\/a> said that the U.S. would provide risk insurance to all maritime trade<\/a> through the Gulf in an effort to get tankers moving through the Strait of Hormuz. Tanker traffic through the Strait\u00a0\u2014 the world’s most vital transit route for crude oil \u2014 came to a halt after the Iranian Revolutionary Guard commander threatened to set fire to ships attempting the route.<\/p>\n Bessent also said Wednesday that Trump’s 15% global tariff<\/a> announced late last month will be implemented this week<\/a>. Yet, he added that he believes U.S. tariff rates would “within five months” return to levels prior to the Supreme Court’s decision to strike down<\/a> the president’s tariff policy.<\/p>\n