NEW YORK - Investors are moving into stocks as stronger reports on service industries and employment ease two of the biggest worries about the economy.

The Institute for Supply Management says Wednesday the service industry activity grew for a second straight month in October. The ADP National Employment Report found 203,000 private sector jobs were lost in October, down from 227,000 in September.

The reports are bolstering hopes that consumers could boost spending.

Investors are awaiting an assessment of the economy from Federal Reserve policymakers later Wednesday.

At midday, the Dow Jones industrials are up 117 at 9,889. The Standard & Poor's 500 index is up 11 at 1,056, and the Nasdaq composite index is up 16 at 2,073.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) - Investors rushed into stocks after stronger reports on service industries and employment eased two of the biggest worries about the economy.

The Dow Jones industrial average rose more than 125 points after the Institute for Supply Management said service industry activity grew for a second straight month in October. The trade group's service index slipped to 50.6 from 50.9 in September. A reading above 50 signals growth. Analysts polled by Thomson Reuters had expected a 51.5.

Although the index didn't meet forecasts, the ISM said new orders, which are an indicator of future business activity, grew faster. Business activity also picked up.

Encouraging news about the labor market also boosted investors' mood. The ADP National Employment Report said 203,000 private sector jobs were lost in October, down from the 227,000 lost in September. It was the seventh straight month of declining job losses.

That stirred hopes for a better-than-expected employment report from the Labor Department on Friday.

The two reports calmed some concerns that the economy won't be able to recover until consumers feel more secure in their jobs to start spending at higher levels.

The advance also came as investors awaited an assessment of the economy from the Federal Reserve policymakers following the conclusion of a two-day meeting later Wednesday.

Policy makers aren't expected to raise the Fed's benchmark interest rate from essentially zero, hoping to sustain an economic turnaround by keeping borrowing rates low. But investors will be looking for the Fed's take on the 3.5 percent annual growth rate in the economy during the third quarter and whether such growth will continue.