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Dow closes above 17,000 for 1st time

AFP

AFP Photo

Wall Street stocks Thursday closed at new records, with the Dow crossing 17,000 for the first time following a government report that showed surprisingly strong US jobs growth.

The Dow Jones Industrial Average shot up 92.02 points (0.54 percent) to 17,068.26, while the S&P 500 gained 10.82 (0.55 percent) to 1,985.44. Both indices closed at records highs for the third straight session.

The tech-rich Nasdaq Composite Index advanced 28.19 (0.63 percent) to 4,485.93

The gains followed a Labor Department report that showed the US economy added a robust 288,000 jobs in June, while the unemployment rate fell to 6.1 percent from 6.3 percent in May.

"The market is applauding the strong jobs number and the signs that it shows economic growth is in fact returning as we expected after there was a weather-related slowdown in the first quarter," said David Levy, portfolio manager at Kenjol Capital Management.

Still, Levy said, whether the market continues to rise will depend on upcoming second-quarter corporate earnings reports and whether investors believe the Federal Reserve is likely to move up its timetable for raising interest rates.

In other economic news, the European Central Bank, as expected, held its benchmark interest rates unchanged. The Commerce Department reported that the US trade deficit fell to $44.4 billion in May, a bigger decline than analysts expected.

The Institute for Supply Management's non-manufacturing purchasing managers index dipped to 56.0 in June from a strong advance to 56.3 in May. The services sector reading came in lower than the 56.5 analyst forecast, but well above 50, which indicates expansion.

Date created : 2014-07-03