By Donna Kardos
U.S. stocks opened higher Wednesday morning as the lowest number of monthly layoffs since March 2008 and an as-expected drop in private-sector jobs encouraged investors ahead of the monthly jobs report Friday.
The Dow Jones Industrial Average (DJI) was up 62 points, or 0.6%, to 9833, with 29 of its 30 components in the black.
The Standard & Poor's 500 Index (SPX) climbed 0.6%, with its financial and materials sectors in the lead, up more than 1% each. All its sectors were higher. The technology-heavy Nasdaq Composite Index (RIXF), meanwhile, rose 0.4%.
In other markets, crude oil and gold futures were both rising, while the dollar fell against the euro but was higher against the yen.
Treasurys fell, with the 2-year note dropping 2/32 to yield 0.94%, and the 10-year note sliding 8/32 to yield 3.499.
Walt Disney Co. (DIS), a Dow component stock, rose 2.7% after it announced it got the go-ahead from China's central government to pursue a plan to build a theme park in Shanghai.
Shares of Alcoa Inc. (AA) jumped 3%.
Other components of the Dow that rose more than 2% included Merck (MRK) and Bank of America (BAC).
Kraft Foods Inc. (KFT) was the Dow's sole component in the red, down 2.5% after reporting weaker-than-expected sales in the third quarter and lowering its outlook for sales growth this year.
Wednesday's early gains contrast with the usual caution seen ahead of the Federal Reserve's interest-rate decisions.
But stocks have already been in a slump lately, and Friday's jobs report has become the bigger focus, since the Fed's upcoming statement is expected to include no change in rates and perhaps just a hint as to when they could change.
Expectations for the government's monthly jobs report Friday rose Wednesday morning after payroll giant Automatic Data Processing and consultancy Macroeconomic Advisors reported a 203,000 drop in private-sector jobs last month, on par with the drop expected by economists and smaller than September's decline.
In addition, outplacement firm Challenger, Gray & Christmas said the number of layoffs announced by U.S. companies in October totaled 55,679, down 16% from September and marking the lowest reading since March 2008.
Among stocks in focus Wednesday, Con-Way fell 10% after the freight-transportation reported third-quarter profit and revenue below analysts' estimates. R.R. Donnelley & Sons (RRD) climbed 4.4%, as the Chicago printing-services company's profit excluding items beat analysts' expectations.