The stock market turned higher Wednesday as the price of oil steadied near six-year lows and a report showed that U.S. businesses hired more workers. European markets climbed after weak inflation figures for the region raised speculation of further help from the European Central Bank, AP reported. KEEPING SCORE: All three major U.S. indexes climbed 1 percent or more. The Standard & Poor's 500 index was up 22 points to 2,024, as of 1:10 p.m. Eastern. The S&P 500, the most widely used benchmark for investments, is heading for its first gain after five straight losses. The Dow Jones industrial average rose 185 points to 17,553, and the Nasdaq composite climbed 51 points to 4,644. ECONOMY WATCH: U.S. businesses increased hiring last month in the latest sign that the U.S. economy is on steady footing. The payroll processor ADP reported that companies added 241,000 workers in December, up from 227,000 in November. Later in the day, the Federal Reserve will release details from its December interest-rate meeting. After last month's meeting, the Fed said it will be "patient" in deciding when to raise interest rates. Despite turbulent trading over recent weeks, Kravetz expects 2015 to be another solid year for the stock market. ABROAD: Major markets in Europe also climbed higher for the first time this week. Germany's DAX closed with a gain of 0.5 percent and France's CAC-40 rose 0.7 percent. Britain's FTSE 100 advanced 0.8 percent. PRICES: Consumer prices in Europe fell in December for the first time since 2009. The 0.2 percent drop was mainly the result of falling oil prices, something that could help consumers immediately. But falling prices also increase pressure on the European Central Bank to provide more stimulus for the region's flagging economy. Many analysts expect the bank to announce plans to buy government bonds later this month. After the report on prices came out, the euro slipped to $1.1810 from $1.1890. CRUDE: The price of oil stabilized near a six-year low. U.S. crude oil rose 43 cents to $48.36 a barrel on the New York Mercantile Exchange. Crude has fallen by more than half since June as supplies rose. Lower energy costs are a boon to consumers and businesses, but some see the plunge as a worrying sign of weakness in the global economy. BONDS: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.97 percent from 1.94 percent the day before. ASIA'S DAY: Earlier, Tokyo's Nikkei 225 ended flat, while Seoul's Kospi edged up 0.1 percent. Hong Kong's Hang Seng added 0.8 percent, and the Shanghai Composite Index rose 0.7 percent. -- SPA 21:40 LOCAL TIME 18:40 GMT تغريد
