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NEW YORK, Aug. 31 (Xinhua) -- Wall Street closed moderately higher on Wednesday, ending a volatile August as investors hope that the Federal Reserve will add more liquidity to the market.
On the economic front, ADP employment report showed that private-sector payrolls increased 91,000 in August, slightly below economists' expectation of 100,000 increase. The figure helped to ease investors' worries about the job market.
Meanwhile, Chicago purchasing managers index slowed in August to 56.5 percent from 58.8 percent in July, suggesting that business activities were still weak.
Stocks opened slightly higher Wednesday but erased earlier gains in the afternoon, as telecommunications and technology stocks fell on the news that the Justice Department challenged telecommunication company AT&T's major takeover with T-Mobile.
The Dow Jones industrial average gained 53.58 points, or 0.46 percent, to 11,613.53. The Standard & Poor's 500 was up 5.97 points, or 0.49 percent, to 1,218.89. The Nasdaq Composite Index rose 3.35 points, or 0.13 percent, to 2,579.46.
Investors are counting on a positive performance from the market in September, even though September is usually considered the worst month in the history of Wall Street.
"We are maintaining our neutral allocation recommendation, however, as well as our defensive sector bias, as long-term fundamental and technical risks continue to present obstacles to a renewed bullish outlook," Sam Stovall, chief investment strategist of Standard & Poor's Equity Research said to Xinhua.
The greenback traded mixed against major currencies in late New York trading on Wednesday with the dollar index rising 0.26 percent to 74.14.
U.S. crude oil price fell on Wednesday as U.S. crude inventories increased sharply last week, but better-than-expected economic data limited the loss.
Light, sweet crude for October delivery fell 9 cents, or 0.10 percent to settle at 88.81 dollars a barrel on the New York Mercantile Exchange, after trading from 87.67 dollars to 89.54 dollars.