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US stocks rise as survey shows hiring picked up in June

FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Stocks are opening higher on Wall Street, Thursday, July 7, 2016, following solid gains in Europe and some encouraging reports on the U.S. economy. (AP Photo/Mark Lennihan, File)
FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Stocks are opening higher on Wall Street, Thursday, July 7, 2016, following solid gains in Europe and some encouraging reports on the U.S. economy. (AP Photo/Mark Lennihan, File) FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Stocks are opening higher on Wall Street, Thursday, July 7, 2016, following solid gains in Europe and some encouraging reports on the U.S. economy. (AP Photo/Mark Lennihan, File)

By Associated Press 3 min read

NEW YORK (AP) – U.S. stocks are rising Thursday morning after a payroll survey showed that employers hired more workers in June after a slowdown in the months before. European stocks are also climbing. Energy companies are up with the price of oil, and investors are shifting out of some of the safe assets they’ve favored in the wake of Britain’s vote to leave the European Union.

KEEPING SCORE: The Dow Jones industrial average rose 51 points, or 0.3 percent, to 17,969 as of 10:08 a.m. Eastern time. The Standard & Poor’s 500 index added 7 points, or 0.4 percent, to 2,107. The Nasdaq composite gained 25 points, or 0.5 percent, to 4,883.

HIRING: Investors are looking at reports showing healthy hiring. A survey by payroll processor ADP said U.S. companies added 172,000 jobs in June, a sign hiring may have picked up again after it slowed down in April and May. ADP’s estimate is based on private companies, and the U.S. government will release its own hiring report on Friday. The government said weekly applications for unemployment benefits fell 16,000 to 254,000 last week, another sign employers continue to hire more workers.

PEP IN ITS STEP: PepsiCo’s quarterly profit surpassed Wall Street forecasts. The company said customers are buying more of its new products, including drink options that are marketed as healthier or “craft.” It also posted stronger sales of Frito-Lay snacks. Its stock rose $2.5, or 2.4 percent, to $108.47.

WHITEWAVE SWEPT UP: Organic food maker WhiteWave Foods jumped after French yogurt giant Danone agreed to buy the company for $56.25 a share, or about $10 billion. The deal would expand Danone’s range of health foods and the U.S. market. WhiteWave gained $8.92, or 18.8 percent, to $56.35.