Stocks close higher after encouraging job market news

U.S. stocks are closing modestly higher as investors welcome encouraging news about the job market.

Payroll processor ADP reported Wednesday that U.S. companies stepped up hiring in May.

The Dow Jones industrial average rose 64 points, or 0.4 percent, to end at 18,076.

The Standard & Poor's 500 index edged up four points, or 0.2 percent, to 2,114. The Nasdaq composite climbed 22 points, or 0.5 percent, to 5,099.

Clothing maker G-III Apparel Group surged 12 percent after reporting earnings and revenue that came in well ahead of what Wall Street analysts were looking for.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent.

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