NEW YORK — A batch of good news on the economy Wednesday pushed the stock market to new highs. ADVERTISING NEW YORK — A batch of good news on the economy Wednesday pushed the stock market to new highs. Payroll
NEW YORK — A batch of good news on the economy Wednesday pushed the stock market to new highs.
Payroll processer ADP said U.S. companies added 208,000 jobs in November, the third straight month that hiring has topped 200,000. A separate report showed that service sector activity climbed close to an eight-month high in November.
The reports were an encouraging sign before the government’s monthly jobs survey is published on Friday.
“There is nothing more important than employment data,” said Russell Price, senior economist at Ameriprise Financial. “More income fuels more consumer spending over time.”
The Standard &Poor’s 500 index rose 7.78 points, or 0.4 percent, to 2,074.33. The Dow Jones industrial average rose 33.07 points, or 0.2 percent, to 17,912.62. The Nasdaq composite climbed 18.66 points, or 0.4 percent, to 4,774.47.
