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NEW YORK (AP) — Stocks edged higher in early trading Wednesday after a trade group reported that the service sector grew in September. Private company hiring also increased.
The Institute of Supply Management said its gauge of the U.S. service sector, which employs 90 percent of the work force, continued to grow slowly in September as well. The index measures the strength of health care, banking, real estate, and other businesses outside of manufacturing.
Payroll processor ADP said private companies added 91,000 jobs last month. That was a slight gain from August. ADP's figures do not always predict what the government's broad employment report, which will be released Friday, but they can often influence traders' expectations.
At 10:15 a.m. Eastern, the Dow Jones industrial average was up 25 points, or 0.2 percent, to 10,833. The Standard and Poor's 500 index was up 3, or 0.2 percent, to 1,127. The Nasdaq composite dipped less than a point to 2,404.
The latest indications of growth in the U.S. economy pushed Treasury prices lower as investors moved money out of lower-risk investments. The yield on the 10-year Treasury rose to 1.89 percent from 1.82 percent late Tuesday.
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