The government said the number of people who made first-time claims for unemployment benefits dropped to 418,000 last week, slightly below estimates and the lowest figure in seven weeks.
And Automatic Data Processing, a private payroll processor, said companies added 157,000 employees in June. That’s more than double the figure economists had forecast and far higher than the 36,000 added the previous month.
The two reports come a day before the Labor Department releases its monthly look at employment. Economists estimate the unemployment rate will remain at 9.1 percent and that employers added only 90,000 jobs last month.
In midday trading, the Dow Jones industrial average added 93.89 points, or 0.74 percent, to 12,719.91. The broader Standard & Poor’s 500-stock index gained 12.92 points, or 0.96 percent, to 1,352.14, and the technology-heavy Nasdaq composite rose 38.28 points, or 1.35 percent, to 2,872.30.
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