Hiring gain sends stocks higher in early trading

Associated Press |

NEW YORK (AP) — The U.S. stock market is edging up in early trading after a report that business hiring surged in June.

The report comes a day after good news on manufacturing drove the market to another all-time high and brought the Dow Jones industrial average within two points of 17,000 for the first time.

The Dow rose 12 points, or 0.1 percent, to 16,969 shortly after the stock market opened Wednesday.

The Standard & Poor's 500 was flat at 1,973, while Nasdaq composite rose three points, or 0.1 percent, to 4,461.

Payroll processer ADP said early Wednesday that businesses added 281,000 jobs last month, up from 179,000 in the previous month.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.60 percent from 2.57 percent late Tuesday.

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