12:19 PM EDT, 06/05/2024 (MT Newswires) -- US benchmark stock indexes rose in midday trading Wednesday after a services gauge swung to expansion in May while the number of jobs added in the same month slumped.

The Nasdaq Composite jumped 1.4% to 17,0084.9, with the S&P 500 up 0.7% to 5,328.1 and the Dow Jones Industrial Average 0.1% higher at 38,739.7.

In economic news, the Institute for Supply Management's US services index rose to 53.8 in May from 49.4 in April, compared with expectations for 51 in a survey compiled by Bloomberg. There were increases in production, new orders, and employment, though the employment reading remained below the breakeven point, while the prices reading decreased to a slower pace of growth.

Meanwhile, based on ADP Institute's employment report, private payrolls climbed 152,000 in May versus estimates compiled by Bloomberg for a 175,000 jump. The gain is the narrowest this year except in January.

In company news, Hewlett Packard Enterprise ( HPE ) shares surged nearly 12% intraday, the top performer on the S&P 500, after the company reported stronger-than-expected sales and earnings for fiscal Q2 while raising its guidance for the full financial year.

Dollar Tree ( DLTR ) shares slumped 4.4% intraday, among the worst performers on the S&P 500 and the Nasdaq, after the company reported lower Q1 adjusted earnings from a year earlier and started a formal review of strategic alternatives for its Family Dollar business segment.

West Texas Intermediate crude oil rose 0.5% to $73.63 a barrel.