Stocks rise on report of hiring increases in May

Stocks are opening slightly higher Wednesday as investors welcomed some encouraging news from payroll processor ADP, which reported that U.S. companies stepped up hiring in May.

In the first hour of trading on Wall Street, the Dow Jones industrial average was up 139.7 points, about 0.8 percent, at 18,151.1. The Standard & Poor's 500 index gained nearly 10.4 points, or 0.5 percent, to nearly 2,120. The Nasdaq composite gained 32.9 points, about 0.7 percent, to 5,110.1.

About the same time, the price of benchmark U.S. crude oil was off nearly 1 percent at $60.71 a barrel in trading on the New York Mercantile Exchange.

Clothing maker G-III Apparel Group surged 9 percent after reporting earnings and revenue that came in well above what Wall Street analysts were looking for.

Bond prices fell. The yield on the 10-year Treasury note climbed to 2.33 percent.