Stocks rise on jobs, service sector growth

(AP) -- Reassuring signs on employment and growth in the service industry got the stock market back on an upward trajectory Wednesday.

Major indexes rose after payroll company ADP said private employers increased hiring last month and a service sector index rose unexpectedly in July. The Dow Jones industrial average gained 44 points.

Investors were relieved that the two reports provided no signs that the economy might be headed back into recession, even though growth might be sluggish. Traders have grappled with earnings and economic reports at odds with each other in recent weeks that provide a mixed picture about the pace of the recovery.

The latest batch of earnings were largely better than expected, continuing a trend that has been seen over the past four weeks. Broadcaster CBS Corp., video game maker Electronic Arts Inc., online travel site Priceline.com Inc. and Anadarko Petroleum Corp. all climbed. Whole Foods Market Inc. was one of the few to report disappointing results. (more)