Treasury yields rose after the report’s release, with the 10-year yield rising to 3.086 percent. The higher yields pushed bank shares higher. J.P. Morgan Chase and Bank of America both rose 0.7 percent while Citigroup shares gained 0.8 percent.
Other data released Wednesday include the ISM non-manufacturing index for September, which reached its highest level on record.
Wednesday’s gains come after the Dow rallied a combined 316 points on Monday and Tuesday. Decreasing fears of a global trade war helped boost the Dow to start off the fourth quarter.
Canada joined a trade deal between the U.S. and Mexico. The deal grants U.S. dairy farmers access to the Canadian market, while Canada agreed to effectively cap automobile exports to the States.
Boeing, considered a bellwether for international trade, hit an all-time high on Tuesday and traded 0.6 percent. Caterpillar shares, meanwhile, gained 0. 7 percent.
General Motors shares jumped more than 5 percent after the company announced Honda is investing in GM’s Cruise Holdings subsidiary. The two automakers will work toward building an autonomous vehicle. GM also said Honda’s investment puts Cruise’s valuation at $14.6 billion.