Encouraging job market news sends U.S. stocks higher
Posted
NEW YORK (AP) — U.S. stocks are opening slightly higher as traders welcomed some encouraging news about the job market.
Payroll processor ADP reported early Wednesday that U.S. companies stepped up hiring in May.
The Dow Jones industrial average rose 29 points, or 0.2 percent, to 18,039 as of 9:35 a.m. Eastern time.
The Standard & Poor's 500 index rose two points, or 0.1 percent, to 2,111. The Nasdaq composite gained 14 points, or 0.3 percent, to 5,090.
Clothing maker G-III Apparel Group surged 9 percent after reporting earnings and revenue that came in well ahead of what Wall Street analysts were looking for.
Bond prices fell. The yield on the 10-year Treasury note climbed to 2.33 percent.