Jump in Hiring Sends Bonds Lower and Stocks Higher

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing higher after a report showed
that private companies are adding jobs at a much faster rate than
had been expected.

Payroll processor ADP found that private companies added 297,000
jobs last month, nearly three times as many as analysts had
forecast. The survey suggests that the Labor Department's
employment report on Friday will also be strong.

The better economic news pushed the dollar up and bond prices
down Wednesday.

According to early figures, the Dow Jones industrial average
rose 32 points, or 0.3 percent, to 11,723. The S&P 500 gained 6, or
0.5 percent, to 1,277. The Nasdaq composite rose 21, or 0.8
percent, to 2,702.

Two shares rose for every one that fell on the New York Stock
Exchange. Volume came to 1.1 billion shares.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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