Dow Jones industrial average breaks above 17,000 following strong US job gains

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NEW YORK, N.Y. – The Dow Jones industrial average is trading above 17,000 for the first time after the U.S. government reported a big gain in hiring last month.

The government said early Thursday that employers added 288,000 workers in June, far more than economists were expecting.

The Dow was up 79 points, or 0.5 per cent, to 17,055 as of noon Eastern time.

The Standard & Poor’s 500 index rose seven points, or 0.4 per cent, to 1,981. The Nasdaq composite gained 20 points, or 0.5 per cent, to 4,478.

PetSmart jumped 13 per cent, the most in the S&P 500 index, after the activist investor Jana Partners disclosed a 9.9 per cent stake in the company.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.65 per cent.

One comment on “Dow Jones industrial average breaks above 17,000 following strong US job gains

  1. The DOW Jones Index’s all time high is nothing to celebrate! None of it is really based on corporate fundamentals but rather on the investing of big banks anxious to make full use of the funding from QE before tapering is completed and to compensate for non-income producing low interest rates. Also many companies are buying back their shares which contributes to the rise in the price index and does not encourage the hiring of new employees. For this reason the rise in job openings is mostly in top level positions or in the temporary low paying job market. This euphoria by mainstream media is an illusion and completely out of whack with reality!

    It’s one thing to try to be positive to offset a slowly declining economic condition but to fool the general public with SPIN is irresponsible for the mainstream media. Please get back on track to doing the investigative journalism you’re supposed to. How can you compromise your professionalism with generalities in this way? All you are doing is kowtowing to the powers that be that have caused the problem in the first place. Unacceptable!

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