NEW YORK (April 2, 2014) Stocks edged further into record territory Wednesday as encouraging news on hiring and manufacturing drew 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 end at 1,890.
The Nasdaq composite rose eight points, 0.2 percent, to close at 4,276.
Payroll processor 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.