Stocks rise as services sectors grow for 2nd month

Investors rushed into stocks after stronger reports on service industries and employment eased two of the biggest worries about the U.S. economy.

Stocks jumped Wednesday 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 …