S&P 500 tops 1,600, Dow hits intraday record high on US payrolls boost

NEW YORK (REUTERS) - The S&P 500 and Dow industrials hit intraday record highs on Friday, with the benchmark S&P trading above 1,600, after US employment rose more than expected last month.

In addition, hiring was much stronger than previously thought in the prior two months, the Labour Department said, easing concerns that government spending cuts were dealing a blow to the economy.

In early trade, the Dow Jones Industrial Average rose 135.27 points, or 0.91 per cent, to 14,966.85, the S&P 500 gained 16.01 points, or 1 per cent, to 1,613.6, and the Nasdaq Composite added 34.62 points, or 1.04 per cent, to 3,375.25.