The Wenatchee World

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Wall Street

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NEW YORK (AP) — Stocks closed higher for a fourth straight day on Wednesday after a report on hiring provided another encouraging sign that the economy is emerging from its winter slump.

The Standard & Poor’s 500 index closed at a record high for the eighth time this year. The stock market has turned higher this week after moving largely sideways for most of the year as reports have suggested that the economy is strengthening after slowing down during an unusually harsh winter. The catalyst on Wednesday was a private survey that showed that U.S. companies increased hiring at a rapid pace last month after a strong manufacturing survey a day earlier.

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