US stocks edge up after payroll survey; banks rise the most

NEW YORK (AP) — Stocks are slightly higher Wednesday after a survey showed that hiring by private companies continued at a solid but unspectacular clip in July.

Banks are rising the most, while the biggest losses are going to household goods makers, phone and utility companies, which are typically considered safe investments.

A survey by ADP said that private U.S. payrolls grew by 179,000 in July as companies like retailers and shipping firms brought on more workers.

Economists forecast that the government's jobs report to be released Friday, which includes hiring by government as well as private companies, will show a gain of 175,000 jobs.

Insurance company AIG jumped $3.66, or 6.8 percent, to $57.80 following a strong second-quarter report.

Intercontinental Exchange, the owner of the New York Stock Exchange and other stock markets, said it will split its stock 5-for-1 and buy back $1 billion in shares.

Underwear, t-shirt and sock maker Hanesbrands reported disappointing results, and its shares lost 66 cents, or 2.6 percent, to $24.99.

Zagg, a mobile device accessory company that bought smartphone charger company Mophie earlier this year, reported an unexpected profit and sales that were stronger than estimates.

Japanese stocks have been slipping because the country's recently-announced stimulus package, worth around $272 billion, fell short of expectations.