Stock market gets a boost from good jobs news

AP News
Posted: Nov 01, 2012 9:42 AM
Stock market gets a boost from good jobs news

Stocks are opening higher on Wall Street after a pair of encouraging reports on employment.

Payroll provider ADP said Thursday that U.S. businesses added 158,000 jobs in October, and the Labor Department reported that applications for unemployment benefits dropped 9,000 to 363,000 last week. That's a level that suggests employers are starting to hire workers again.

The Dow Jones industrial average rose 72 points to 13,168 shortly after the opening bell.

The Standard & Poor's 500 index rose five points to 1,418 and the Nasdaq composite rose 14 points to 2,991.

Kellogg's stock rose 1 percent after reporting that its income edged up in the third quarter. The company said it's benefiting from its acquisition of Pringles chips earlier this year.