Another record high for the S&P 500 on hiring, manufacturing news; Dow erases its 2014 loss


FILE - In this Wednesday, March 26, 2014, file photo, a trader works on the floor of the New York Stock Exchange. World stock markets pushed higher Wednesday April 2, 2014 on signs of a pickup in the U.S. economy and expectations of further stimulus in Japan. (AP Photo/Richard Drew, File)


NEW YORK — Stocks are edging further into record territory as encouraging news on hiring and manufacturing brings more buyers into the market.

The Dow Jones industrial average erased nearly all of its loss for the year and is close to the record high it set Dec. 31.

The Dow gained 40 points, or 0.2 percent, to close at 16,573 today, just three points below its all-time high. The Standard & Poor’s 500 increased five points, or 0.3 percent, to 1,890. The Nasdaq composite rose eight points, 0.2 percent, to 4,276.

Payroll processer ADP reported that U.S. companies increased hiring at a rapid pace last month, the latest sign that the economy is picking up after a winter freeze.

Bond prices fell. The yield on the 10-year Treasury note climbed to 2.80 percent.