Stocks edge higher after US employment survey

FILE - In this Wednesday, March 26, 2014, file photo, a trader works on the floor of the New York Stock Exchange. World stock markets pushed higher Wednesday April 2, 2014 on signs of a pickup in the U.S. economy and expectations of further stimulus in Japan. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Stocks are edging higher in midday trading after a private survey showed that U.S. companies increased hiring at a rapid pace.

The Standard & Poor's 500 rose four points, or 0.2 percent, to 1,889 as of noon Eastern time Wednesday. The index is at an all-time high.

The Dow Jones industrial average gained 16 points, or 0.1 percent, to 16,548. The Nasdaq composite climbed five points, or 0.1 percent, to 4,273.

Payroll processer ADP reported that U.S. companies increased hiring at a rapid pace last month.

Apollo Education slumped 9 percent after reporting revenue that fell short of what investors were expecting. New student enrollment at the University of Phoenix fell 16.5 percent.

Bond prices fell. The yield on the 10-year Treasury note climbed to 2.80 percent.