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Dow pops above 17,000, S&P 500 at record as jobs jump

Published on Jul 4, 2014 4:58 AM
 

NEW YORK (Reuters) - Wall Street's holiday-shortened session ended with multiple records on Thursday, with the Dow topping 17,000 for the first time after the June jobs report came in much stronger than expected. Both the Dow and S&P 500 ended at their third consecutive record highs. The Nasdaq closed at its highest since 2000 and rose for a third straight week.

The three major indexes wrapped up a week of solid gains. Regular trading ended at 1 p.m. Eastern Standard Time in the United Stateson the day before the Independence Day holiday, when the U.S. stock market will be closed.

The U.S. economy added 288,000 jobs in June, racing past the 212,000 that economists had expected. The U.S. unemployment rate fell to 6.1 percent, the lowest since September 2008, confirming expectations that the economy bounced back in the second quarter after a dismal start to the year.

Thursday's gains were broad, with nine of the 10 primary S&P 500 sector indexes rising for the day. The only negative group was utilities, down 1.1 percent. The utilities sector struggled as the June jobs data suggested that the Federal Reserve may raise interest rates earlier than had previously been anticipated. I

 
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