Stocks inch higher on encouraging news about jobs and better retail sales

9/5/2013

NEW YORK — Stocks notched modest gains on Wall Street after encouraging news about the U.S. jobs market and higher sales from two major store chains.

The Dow Jones industrial average rose six points, or 0.04 percent, to close at 14,937 today.

The Standard & Poor’s 500 rose two points, or 0.1 percent, to 1,655. The Nasdaq composite rose nine points, or 0.3 percent, at 3,658.

The number of people applying for unemployment benefits last week dropped to a five-year low, and payroll company ADP reported that private sector employment rose by 176,000 last month.

Costco and Walgreen’s reported stronger sales.

The yield on the 10-year Treasury note rose to 2.99 percent from 2.90 percent.

Slightly more stocks fell than rose on the New York Stock Exchange. Volume was light, 2.9 billion shares.