Stock market opens higher after a two-day slump

NEW YORK (AP) ? Stocks are up sharply at the opening of trading, a day after renewed worries over Europe’s debt crisis roiled markets around the world.

Automatic Data Processing said early Wednesday that company payrolls rose by 110,000 in October. Most of the gains came from the service industry. MasterCard jumped 8 percent after reporting stronger earnings.

The Federal Reserve ends a two-day policy meeting later Wednesday and will release new economic forecasts. Investors will be keeping an eye on Fed Chairman Ben Bernanke’s afternoon news conference.

Shortly after the opening bell, the Dow Jones industrial average is up 158 points, or 1.4 percent, to 11,815. The S&P 500 index is up 19 points, or 1.5 percent, to 1,237. The Nasdaq composite is up 30, or 1.1 percent, to 2,637.