Dow, S&P hit records on report of hiring gains

Stocks closed at new records Wednesday on a report that business hiring surged in June, adding to evidence that the U.S. economy is picking up momentum.

At the close on Wall Street, the Standard & Poor's 500 index rose 1.30 points, or 0.1 percent, to 1,974.62. The Dow Jones industrial average gained 20.17 points, or 0.1 percent, to 16,976.24. Both the S&P 500 and the Dow are at record highs. The Nasdaq composite fell one point, less than 0.1 percent, to 4,457.73.

ADP, a payroll processor, reported that its figures show businesses added 281,000 jobs last month, up from 179,000 in the previous month. The figure suggests the government's monthly jobs report, due out Thursday, could also show a significant gain from May.

The stock market climbed back to record levels a day earlier after separate reports showed that manufacturing expanded in China and the United States.

"We're in the middle of what's been an extended recovery, but there's still a lot of room to go," said Ed Hyland, a global investment specialist at a JPMorgan Private Bank. "We believe that for the stock market as well."

Constellation Brands, which makes Corona and Negra Modelo beer, was one of the day's biggest gainers. The stock jumped $2.07, or 2.3 percent, to $90.45 after the company said its fiscal first-quarter net income soared.

Delta Air Lines was the day's biggest decliner. The stock dropped $2.07, or 5.1 percent, to $38.24 after the company said that growth in a key revenue figure slowed in June. Delta said revenue per passenger fell on international routes because of a dip in business travel to Latin America during the World Cup soccer tournament and more passenger-carrying capacity among all airlines. Delta's stock is still up 38 percent this year.