Stocks Opened Higher after Strong ADP Jobs Report

U.S. stocks opened higher on Wednesday after a strong reading on private-sector hiring last month. The Dow Jones Industrial Average lately advanced 116.78 points, or 0.56%, to 20,806.02. The S&P 500 climbed 10.75 points, or 0.46%, to 2,370.91. The Nasdaq Composite gained 22.29 points, or 0.38%, to 5,920.90.

Private-sector employment continued at a torrid pace in March, according to data released Wednesday morning, registering the second-strongest reading in more than two years. Employers added 263,000 private sector jobs last month, up from a revised 245,000 in February, ADP Inc. reported.

Oil prices rose for the sixth time in seven sessions on Wednesday, propelled higher by signs that U.S. supplies are set to shrink. Crude oil for May delivery jumped 63 cents, or 1.2%, to $51.65 a barrel. Brent oil gained 69 cents, or 1.3%, to $54.85 a barrel.

JAB Holding Co., owner of a growing cache of coffee and breakfast concepts, on Wednesday added another one, agreeing to pay $7.5 billion for the bakery/café chain Panera Bread Co.

Payless ShoeSource became the latest major retailer to declare financial distress when, on Tuesday, the company filed for Chapter 11 bankruptcy and announced a restructuring plan that includes the immediate closure of 400 stores in the United States and Puerto Rico.