Stocks Opened Higher on Earnings, Private Jobs Data

U.S. stocks opened higher on Wednesday, as better-than-expected private jobs data added to the upbeat sentiment following healthy third-quarter earnings reports. The Dow Jones Industrial Average lately rose 121.17 points, or 0.52%, to 23,498.41. The S&P 500 gained 13.02 points, or 0.51%, to 2,588.28. The Nasdaq Composite added 25.88 points, or 0.38%, to 6,753.55.

Crude oil prices rose for a fifth straight session on Wednesday, with optimism over signs the OPEC deal to cut production is working and helping to rebalance the oil market. West Texas Intermediate crude oil for December jumped 66 cents, or 1.2%, to $55.04 a barrel. Brent oil for January climbed 61 points, or 1%, to $61.55 a barrel.

Private-sector employment bounced back in October as employers added 235,000 jobs, ADP reported Wednesday. The gain in October ADP was higher than the 110,000 gain in September.

Thomson Reuters Corp. (TRI) on Wednesday reported third-quarter earnings of $330 million. The Toronto-based company said it had profit of 46 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, came to 68 cents per share. Thomson Reuters expects full-year earnings in the range of $2.40 to $2.45 per share.