Job growth boosts stocks, and tech firms jump – Los Angeles Times

This post was originally published on this site

Stocks are rising after a survey showed that hiring by private businesses was stronger than expected in May.

ADP said Thursday that private companies added 253,000 jobs to their payrolls last month, which was more than investors expected.

Read more: ‘Job growth is rip-roaring’: Companies accelerated hiring in May »

Technology companies’ stocks are making some of the largest gains. Palo Alto Networks soared 17% after a better-than-expected earnings report.

Discount store chain Dollar General rose 5% after it surpassed Wall Street’s expectations.

Farm equipment maker Deere gained 2% after it said it will buy road construction equipment maker Wirtgen Group for about $5.2 billion.

The Standard & Poor’s 500 index gained 2 points, or 0.1%, to 2,413.

The Dow Jones industrial average slipped 5 points to 21,003. The Nasdaq composite jumped 13 points, or 0.2%, to 6,211.