Stocks Opened Higher after Jobs Data

U.S. stocks opened with solid gains on Wednesday, after data showed a better-than-expected rise in private sector jobs in September. The Dow Jones Industrial Average lately rose 204.34 points, or 1.27%, to 16,253.47. The S&P 500 gained 26.42 points, or 1.40%, to 1,910.51. The Nasdaq Composite was up 76.47 points, or 1.69%, to 4,593.79.

Companies in the U.S. private sector added 200,000 jobs in September, suggesting little letup in the pace of hiring across the country. The large payroll processor ADP said the construction industry led the way, putting 35,000 more workers on payroll.

Oil prices slipped on Wednesday after an unexpectedly big build in U.S. crude inventories, further evidence of an oversupply that has helped halve global spot prices over the last year. U.S. crude, also known as West Texas Intermediate or WTI, was 15 cents lower at $45.08 a barrel by 1040 GMT, on course to end September down 11 percent.

Costco Wholesale Corp. on Tuesday reported lower fuel prices and the stronger U.S. dollar again weakened sales in the latest quarter, even as profit improved 10%. Over all, the membership warehouse club reported comparable sales declined 1% for the 16 weeks ended Aug. 30.