NEW YORK (AP) — Stocks are edging further into record territory as encouraging news on hiring and manufacturing brings more buyers into the market.
The Dow Jones industrial average erased nearly all of its loss for the year and is close to the record high it set Dec. 31.
The Dow gained 40 points, or 0.2 percent, to close at 16,573 Wednesday, just three points below its all-time high. The Standard & Poor's 500 increased five points, or 0.3 percent, to 1,890. The Nasdaq composite rose eight points, 0.2 percent, to 4,276.
Payroll processer ADP reported that U.S. companies increased hiring at a rapid pace last month, the latest sign that the economy is picking up after a winter freeze.
Bond prices fell. The yield on the 10-year Treasury note climbed to 2.80 percent.