Stocks open up on ADP jobs report

Scrabble - Now Hiring by Amtec Photos is licensed under Flickr CC BY-SA 2.0
Stock markets rose on Wednesday after ADP reported an increase in jobs for June.

The Dow Jones Industrial Average rose nearly 200 points, or 0.8 percent, and the S&P 500 was up 17 points, or 0.6 percent.

ADP Research Institute and Moody’s Analytics reported that private non-farm businesses added 2.4 million new jobs in June. Of those, almost 1.9 million were in the service sector, which had seen steep losses due to the coronavirus pandemic.

The readout sets the stage for a positive Labor Department jobs report for June, which is due Thursday, ahead of the Independence Day holiday.