Stocks are moving higher Wednesday morning after a survey showed private U.S. employers hired new workers at a faster pace in January, a sign the economy could be getting stronger. Technology stocks are climbing after Apple said iPhone sales improved in its last quarter, which sent its stock to its highest price in more than a year. The market is building on Tuesday's late surge.
The Dow Jones industrial average rose 81 points, or 0.4%, to 19,945 as of 10 a.m. Eastern time. The Standard & Poor's 500 index rose 7 points, or 0.3%, to 2,285. The Nasdaq composite jumped 36 points, or 0.6%, to 5,650. The Russell 2000 index of smaller-company stocks climbed 10 points, or 0.8%, to 1,372.
Stocks rallied in the final two hours of trading Tuesday, and although that wasn't enough to prevent the S&P 500 from falling for the fourth day in a row, it showed that investors believed the market was not going to fall much further.
JOB GAINS: A survey by payroll services provider ADP said private employers added far more jobs in January than expected, a positive sign for the health of the economy.
Read more: U.S. businesses add most jobs in seven months, ADP says »
Investors sold government bonds, which are fairly safe investments that are more in demand when the economy seems weaker. They also sold shares of companies that pay large dividends, which are considered similar to bonds.
The U.S. government will release its own monthly jobs report Friday.
APPLE POLISHED: Apple jumped to its highest price in a year and a half after it said buyers snapped up its new iPhone 7 and 7 Plus last quarter. That ended the first-ever slump in iPhone sales, and Apple's quarterly results were stronger than analysts expected. Its stock rose 5.4% to $127.86. The big gains for Apple, the world's most valuable publicly traded company, took technology stocks higher.
Read more: Apple reversed its iPhone slump. But what's next? »
THE PITS: Mailing equipment and software company Pitney Bownes slid 13.8% to $13.73 after its quarterly sales fell short of expectations and its profit forecast disappointed Wall Street.
BONDS: U.S. government bond prices fell. The yield on the 10-year Treasury note jumped to 2.49% from 2.44%. Financial stocks rose, as higher interest rates enable banks to charge more money for lending. Lincoln National climbed 2.3% to $69.03 and JPMorgan Chase rose 1.3% to $85.69.
CURRENCIES: The dollar gained strength after the jobs survey, rising to 113.65 yen from 112.76 yen. The euro fell to $1.0759 from $1.0803.
ENERGY: U.S. crude oil rose 44 cents to $53.25 a barrel in New Jestbahis York. Brent crude, the benchmark for international oil prices, rose 54 cents, or 1%, to $56.12 a barrel in London.
OVERSEAS: Stocks in Europe got a boost from the ADP survey and a report that said manufacturing in China grew in January at its fastest pace in two years. Heavy government spending and more lending by banks helped keep economic activity steady. Germany's DAX climbed 1.6% while the CAC 40 of France rose 1.5%. The FTSE 100 index in Britain was up 0.6%. Japan's Nikkei 225 rose 0.6% after a Tuesday skid. The Kospi in South Korea jumped 0.6%. Hong Kong's Hang Seng fell 0.2%.
Federal Judge Neil M. Gorsuch is Trump's Supreme Court pick. L.A.'s City Council voted to decriminalize street vending. Trump's team has hinted that some of the temporary travel bans could be extended indefinitely. LAPD officers were not involved in the death of a woman inside a jail cell.
Federal Judge Neil M. Gorsuch is Trump's Supreme Court pick. L.A.'s City Council voted to decriminalize street vending. Trump's team has hinted that some of the temporary travel bans could be extended indefinitely. LAPD officers were not involved in the death of a woman inside a jail cell.
Federal Judge Neil M. Gorsuch is Trump's Supreme Court pick. L.A.'s City Council voted to decriminalize street vending. Trump's team has hinted that some of the temporary travel bans could be extended indefinitely. LAPD officers were not involved in the death of a woman inside a jail cell.
Federal Judge Neil M. Gorsuch is Trump's Supreme Court pick. L.A.'s City Council voted to decriminalize street vending. Trump's team has hinted that some of the temporary travel bans could be extended indefinitely. LAPD officers were not involved in the death of a woman inside a jail cell.
Neil M. Gorsuch, a highly regarded conservative jurist best known for upholding religious liberty rights in the legal battles over Obamacare, is President Trump's Supreme Court nominee.
Neil M. Gorsuch, a highly regarded conservative jurist best known for upholding religious liberty rights in the legal battles over Obamacare, is President Trump's Supreme Court nominee.
The L.A. Police Commission ruled Tuesday that officers were not involved in the case of a woman who died in an LAPD jail.
The L.A. Police Commission ruled Tuesday that officers were not involved in the case of a woman who died in an LAPD jail.
A stabbing and police shooting were reported in Hollywood on Tuesday afternoon. By Luis Sinco and Brain van der Brug / Los Angeles Times
A stabbing and police shooting were reported in Hollywood on Tuesday afternoon. By Luis Sinco and Brain van der Brug / Los Angeles Times
President Trump nominated federal Judge Neil M. Gorsuch on Tuesday to fill the Supreme Court seat of the late Antonin Scalia.
President Trump nominated federal Judge Neil M. Gorsuch on Tuesday to fill the Supreme Court seat of the late Antonin Scalia.
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UPDATES:
8:25 a.m.: This article was updated with additional details.
This article was originally published at 7 a.m.
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