Stock market rises after US hiring picks up in May

US stock market rises in early trading after government reports pickup in hiring in May

Associated Press
Stock market rises sharply after hiring picks up
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In this Thursday, May 23, 2013, photo, Trader VIncent Quinones, center, works on the floor of the New York Stock Exchange at the close of trading.Stock markets were volatile on Friday June 7, 2013 as investors awaited a key U.S. jobs report for clues on how much longer the Federal Reserve will keep providing stimulus to the world's largest economy. (AP Photo/Richard Drew)

NEW YORK (AP) -- The stock market is rising in early trading after the government reported a pickup in hiring last month, a positive sign for the U.S. economy.

The Dow Jones industrial average rose 68 points to 15,106 shortly after the market opened Friday, an increase of 0.4 percent.

The Standard & Poor's 500 index rose seven points to 1,629, a gain of 0.5 percent. The Nasdaq composite rose 10 points to 3,434, a gain of 0.3 percent.

Investors were reacting positively to news that U.S. employers added 175,000 jobs in May, slightly more than economists were expecting and a level consistent with steady hiring.

Clothing store chain Gap rose after reporting higher sales for May.

The yield on the 10-year Treasury note rose to 2.11 percent from 2.08 percent late Thursday.

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