MARKET SNAPSHOT: U.S. Stocks Rise; Dow Tops 17K, S&P 500 Hits Record
By Carla Mozee and Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The Dow Jones Industrial Average topped 17,000 for the first time and the S&P 500 hit an intraday record after a far stronger-than-expected jobs report for June.
The main benchmarks were on track to finish the holiday-shortened week with solid gains, while the Nasdaq Composite eyed its third weekly gain in a row.
The Dow Jones Industrial Average (DJI) added 76 points, or 0.4%, to 17,052.85. The S&P 500 (SPX) rose 7 points, or 0.4%, to 1,981.693. The Nasdaq Composite (RIXF) added 14 points, or 0.3%, to 4,471.92.
The trading on Wall Street is expected to get thinner as the day progresses. Both the New York Stock Exchange and Nasdaq will close early at 1 p.m. Eastern Time for the July 4th holiday.
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Investors clearly welcomed a strong employment data, even as bond investors reassessed how a strengthening economy may impact the Federal Reserve's policy views. The U.S. economy added 288,000 new jobs in June, many of them good paying, while and the unemployment rate fell to 6.1%, a nearly six-year low as more people entered the labor force and found work.
Meanwhile, weekly jobless claims, a proxy for layoffs, ticked up 2,000 to 315,000 in the week ended June 28, hovering near a postrecession low for several months, the Labor Department said.