US EQUITIES CLIMB ON BASIS OF POSITIVE LABOR MARKET DATA

US equities climbed on Wednesday as investors pointed to positive labor-market data as a new sign of smooth economic recovery. Major indexes gained after an ADP Labor-market report said US private payrolls fell by 2.76 million in May, far below economists' estimate of 9 million, Ben Winck wrote for Business Insider on June 4, 2020.

Dow surged 527 points while airline stocks jumped after the White House banned Chinese airlines from operating passenger flights to the US starting mid-June. Oil prices fluctuated amid reports that OPEC may cancel a Thursday meeting unless all members agree to concerted production-cut extensions.

The stock market's June rally continued on Wednesday as growing hopes of a smooth economic recovery drowned out nationwide protests, Winck wrote.