Stocks edge higher after hiring surges in June
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — Stocks edged higher Wednesday following a report that business hiring surged in June, a promising sign for economic growth. The report comes a day after news of stronger manufacturing in the U.S. and China helped push the stock market to another all-time high.
KEEPING SCORE: The Standard and Poor's 500 index rose one point, or 0.1 percent, to 1,974 as of 11:16 a.m. in New York. The Dow Jones industrial average climbed three points, or less than 0.1 percent, to 16,959. Both the S&P 500 and the Dow are trading at record highs. The Nasdaq composite fell one point, or 0.1 percent, to 4,457.
JOBS: ADP, a payroll processer, said businesses added 281,000 jobs last month, up from 179,000 in the previous month. The figure suggests the government's jobs report, due out Thursday, could also show a significant gain from May's tally of 217,000 jobs. The ADP survey only looks at the private sector, however, and often diverges from the government's more comprehensive report.
THE QUOTE: "The economy is on an upward trend and that bodes well for the stock market," said Ed Hyland, a global investment specialist at a JPMorgan Private Bank. "Corporate earnings will continue to grow as the economy grows."
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In this Monday, June 30, 2014 photo, trader John Liotti, center, and specialist Donald Civitanova, right, work on the floor of the New York Stock Exchange. World stocks were mostly higher Wednesday, July 2, 2014, on improved U.S. and Chinese economic activity. (AP Photo/Richard Drew)
