Wall Street rises on strong data; Tesla limits Nasdaq's advance

Wall Street rallied for a third straight day on Wednesday after a clutch of positive data painted a stronger picture of the U.S. economy but the Nasdaq pulled back from record levels as losses in Tesla shares weighed. Private-sector payrolls increased by 291,000 in January, the ADP National Employment Report showed, far above expectations of 156,000 job additions. Meanwhile, the Institute for Supply Management’s (ISM) data showed U.S. services sector activity picked up last month following an upbeat manufacturing report this week. “There is increasing recognition that the consumer is remarkably resilient,” said Elliott Savage, portfolio manager of the YCG Enhanced Fund.