We got a couple of surprisingly stronger than expected economic reports this morning...

Private payrolls up 183,000 as hiring shows no signs of coronavirus scare

Despite the coronavirus scare, private payrolls rose by 183,000 in February, well ahead of Wall Street estimates for 155,000.

Growth was concentrated in big businesses, which added 133,000.

January’s number was revised down sharply, from an initially reported 291,000 to 209,000.

US service sector races to one-year high in February

The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index increased to a reading of 57.3 last month, the highest level since February 2019, from 55.5 in January.

A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by Reuters had forecast the index falling to a reading of 54.9 in February.

The report came a day after the Fed slashed its benchmark overnight interest rate by a half percentage point to a target range of 1.00% to 1.25%, in the U.S. central bank’s first emergency rate cut since 2008.