TIME Money

Stocks Close at Record Highs as U.S. Hiring Surges

A trader points to a stock chart on the floor of the New York Stock Exchange shortly before the closing bell in New York on July 2, 2014.
A trader points to a stock chart on the floor of the New York Stock Exchange shortly before the closing bell in New York on July 2, 2014. Lucas Jackson—Reuters

(NEW YORK) — Stocks are closing at record levels following news that business hiring surged in June.

Constellation Brands, the owner of Corona and Negra Modelo beer, rose 2 percent after the company said its income soared in the latest quarter.

Delta Air Lines dropped 5 percent after the company said growth in a key revenue figure slowed in June.

The Dow rose 20 points, or 0.1 percent, to close at 16,976 Wednesday.

The Standard & Poor’s 500 index rose a point to 1,974. The Nasdaq composite edged down a point to 4,457.

Payroll processer ADP said U.S. businesses added 281,000 jobs last month, up from 179,000 in the previous month.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.62 percent.

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