NEW YORK (AP) – Yet another sign that the job market continues to improve is driving stocks and bond yields higher on Thursday. The Standard & Poor’s 500 index is on track for its first up day in three and is close to its record high.
KEEPING SCORE: The S&P 500 index rose 3 points, or 0.1 percent, to 2,415, as of 10:30 a.m. Earlier in the day, it crossed above 2,415.82, the record closing level that it set last week. The Dow Jones industrial average was up 21 points, or 0.1 percent, to 21,030. The Nasdaq composite rose 4, or 0.1 percent, to 6,203.
Smaller stocks were doing better than the rest of the market. The small-cap Russell 2000 index added 8 points, or 0.6 percent, to 1,378.
JOB JUMP: Employers continue to hire more workers. Payroll processor ADP said private businesses added 253,000 jobs last month, more than economists expected and an acceleration from April. It’s a reassurance, particularly when growth of the overall economy has remained frustratingly tepid.
The more comprehensive jobs report from the U.S. government arrives on Friday. It will include hiring by all non-farm employers, and economists expect it to show growth of 176,000 jobs in May.