A report released this morning by the Institute of Supply Management showing that the service sector is continuing to grow boosted stock prices and pushed the Dow Jones industrial average up 150 points.

The non-manufacturing index fell from 55.4 in May to 53.8 in June but remained above 50, indicating that the service sector is growing. June was the sixth consecutive month that the index has indicated growth.

“Respondents’ comments are mostly positive about business conditions; however, there is concern about the effect of employment on the economic recovery,” said Anthony Nieves, the institute’s chairman, in a release.

The continued growth in the service sector could be a good sign for the job market, as 80 percent of American workers are employed in that sector, CNN Money reported.

The Department of Labor announced last Friday that the United States lost 125,000 jobs in June and that 1.21 million people have stopped looking for jobs because of poor employment prospects.

Though some are weighing the effect of 2009’s $787 billion economic stimulus, the U.S. government is hoping to see its biggest impact in terms of employment this summer through public works projects. Read more.

Although there is still concern about the European debt crisis, stocks rose in Europe, which also helped the U.S. market.

“We’re seeing a rally off the strength in European markets today,” David Jones, chief market strategist at IG Markets, told CNN Money. “But overall the market is still nervous, and all of last week there were ongoing concerns about how strong the recovery was.”