Dow moves above 17,000 as US jobs jump

Friday 04 July 2014 08.27
Three major US indexes wrapped up a week of solid gains on Wall Street yesterday
Three major US indexes wrapped up a week of solid gains on Wall Street yesterday

Wall Street's holiday-shortened session ended with multiple records yesterday, with the Dow topping 17,000 for the first time after the June US 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 week in a row. 

The three major indexes wrapped up a week of solid gains. Regular trading ended early on the day before the Independence Day holiday, when the US stock market will be closed. 

New figures yesterday showed that the US economy added 288,000 jobs in June, racing past the 212,000 that economists had expected.  

The US unemployment rate fell to 6.1% - the lowest since September 2008 - and confirming expectations that the economy bounced back in the second quarter after a dismal start to the year.  

The Dow Jones rose 0.5% to close at 17,068, while the S&P 500 gained 0.5% to 1,985 and the Nasdaq Composite added 0.6% to end at 4,486. 

For the week, the Dow rose 1.3%, the S&P 500 advanced 1.25% and the Nasdaq climbed 2%. With the week's gains, the Nasdaq has gained for seven of the past eight weeks, rising more than 10% over that period.