NEW YORK (AP) — Stocks are rising sharply after a report showed that small businesses are hiring more workers than economists expected.
ADP Employer Services said that private companies added 93,000 jobs in November. Economists were expecting a 70,000 increase. ADP says small businesses added their largest number of workers in three years.
Overseas, European stocks are rising after a better than expected bond auction in Portugal helped push the euro higher. Asian stocks rose after a report said that manufacturing activity in China accelerated.
The Dow Jones industrial average is up 143, or 1.3 percent, to 11,149. The S&P 500 is up 13, or 1 percent, to 1,193. The Nasdaq composite is up 40, or 1.6 percent, to 2,538.
