Dow breaks 17,000 following strong US job gains

Traders work on the floor of the New York Stock Exchange September 29, 2008 in New York City. U.S. stocks took a nosedive in reaction to the global credit crisis and as the U.S. House of Representatives rejected the $700 billion rescue package, 228-205. Dow Jones Industrials fell as much as 700 points in midday trading. (Spencer Platt, Getty Images)
Traders work on the floor of the New York Stock Exchange September 29, 2008 in New York City. U.S. stocks took a nosedive in reaction to the global credit crisis and as the U.S. House of Representatives rejected the $700 billion rescue package, 228-205. Dow Jones Industrials fell as much as 700 points in midday trading. (Spencer Platt, Getty Images)
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Updated: 7/03 9:01 am

NEW YORK (AP) — A big gain in hiring last month sent the Dow Jones industrial average above 17,000 for the first time.

The government said early Thursday that U.S. employers added 288,000 workers last month, far more than economists were expecting. The unemployment rate fell to 6.1 percent.

In the first few minutes of trading the Dow was up 74 points, or 0.4 percent, to 17,050.

The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 1,981.

Bond prices fell as traders moved money out of low-risk assets. The yield on the 10-year Treasury note rose to 2.68 percent.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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