Stocks close at all-time highs as hiring surges
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — Stocks closed at their latest all-time highs Wednesday following news that business hiring surged in June, adding to evidence that the U.S. economy is picking up momentum.
ADP, a payroll processer, said businesses added 281,000 jobs last month, up from 179,000 in the previous month. The figure suggests the government's monthly jobs report, due out Thursday, could also show a significant gain from May.
The stock market climbed back to record levels a day earlier after separate reports showed that manufacturing expanded in China and the U.S., the world's two largest economies.
"We're in the middle of what's been an extended recovery, but there's still a lot of room to go," said Ed Hyland, a global investment specialist at a JPMorgan Private Bank. "We believe that for the stock market as well."
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In this Monday, June 30, 2014 photo, trader John Liotti, center, and specialist Donald Civitanova, right, work on the floor of the New York Stock Exchange. World stocks were mostly higher Wednesday, July 2, 2014, on improved U.S. and Chinese economic activity. (AP Photo/Richard Drew)
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