Dow tops 17,000 for first time on strong jobs report

Traders work the floor of the New York Stock Exchange in New York City on July 1, 2014. The Dow Jones Industrial Average bolted above 17,000 points for the first time in opening trade July 3, after data showed the US added a surprisingly st
Traders work the floor of the New York Stock Exchange in New York City on July 1, 2014. The Dow Jones Industrial Average bolted above 17,000 points for the first time in opening trade July 3, after data showed the US added a surprisingly strong 288,000 jobs in June. -- PHOTO: AFP

NEW YORK (AFP) - The Dow Jones Industrial Average bolted above 17,000 points for the first time in opening trade Thursday after data showed the US added a surprisingly strong 288,000 jobs in June.

Twenty minutes into trade, the Dow stood at 17,040.85, up 64.61 points (0.38 per cent), while the S&P 500 gained 4.74 (0.24 per cent) to 1,979.36.

The tech-rich Nasdaq Composite Index added 6.67 (0.15 per cent) at 4,464.40.

Both the Dow and S&P 500 closed at records for the second day in a row Wednesday.

The monthly jobs report said the jobless rate in the US fell to 6.1 percent as the Labor Department also revised upward the jobs growth figures for the two previous months.

Briefing.com analyst Patrick O'Hare said the jobs report had "encouraging" elements, even as there were still some points of concern, such as the large number of people working part-time for economic reasons.

O'Hare said some equity investors are concerned the strong headline numbers in the labor report "could stir the Fed to raise the fed funds rate a bit sooner than expected."

The yield on the 10-year US Treasury bond jumped to 2.68 per cent Thursday from 2.63 percent Wednesday, suggesting bond investors share that view. The 30-year yield climbed to 3.50 per cent from 3.47 per cent. Bond yields and prices move inversely.