Traders are on Dow 17,000 watch. NEW YORK (CNNMoney)
The Dow Jones Industrial Average was hovering around 16,980 in early trading Wednesday, up a few points from Tuesday's record-high close. The S&P 500 and the Nasdaq were also modestly higher.
"The bull lives on," said Peter Cardillo, chief market economist at Rockwell Global Capital. Stocks are being propelled by a sense of economic confidence, especially regarding the job market, he said.
Strong hiring in June: The latest jobs data added to the optimism. Paycheck processor ADP said private-sector payrolls grew by 281,000 in June, far exceeding expectations. The report suggests the government's monthly payroll tally, which comes out next week, could exceed 200,000, according to Paul Dales at Capital Economics.
Stocks roared into July, with the Dow and S&P 500 hitting fresh all-time highs Tuesday. It was the Dow's 12th record close this year.
The CNNMoney Fear & Greed index is currently pointing to 'extreme greed'.
Is the market too hot? But there are signs the stock market may be overheating. Central bankers sound increasingly concerned about asset bubbles. Some measures of stock valuations are flashing red. And while the economy has improved, some investors say stocks have outpaced reality.
Related: The 5 top performing stocks from the first half of 2014
Yellen speaks, markets listen: The head of the Federal Reserve, Janet Yellen, will be speaking at the International Monetary Fund at 11 a.m. Investors will be watching for clues as to how long the Fed will wait to raise interest rates once its bond-buying program ends later this year.
Related: Autopsy of America: photos of dead malls
Stock movers -- Constellation, JPMorgan, AbbVie: Shares of Constellation Brands (STZ) jumped in early trading after the beer and wine distributor reported strong quarterly results and boosted its outlook. The U.S. distributor of Corona expects net income from its beer business to grow between 25% and 30%.
Investors will be watching JPMorgan (JPM) shares after CEO Jamie Dimon announced he was diagnosed with a curable throat cancer. He will continue working as he undergoes treatment.
Shares in the pharmaceutical firm AbbVie (ABBV) were up modestly. The company has been looking to take over rival Shire (SHPG) in the U.K. but has faced continued resistance from Shire's management.
Gravity appears to be setting in for GoPro (GPRO). Shares of the wearable video camera company were down for the first time since it's initial public offering on Thursday.
Related: The 5 worst performing stocks from the first half of 2014
European markets were mostly higher in early trading. All the major Asian markets ended with gains, taking their cue from Wall Street's record-setting run Tuesday.
First Published: July 2, 2014: 9:45 AM ET
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