Time for fireworks: Dow tops 17,000! - KYTX CBS 19 Tyler Longview News Weather Sports

Time for fireworks: Dow tops 17,000!

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NEW YORK (CNNMoney) - The Dow finally hit 17,000! After a whole week of gingerly tiptoeing to the line, the market finally crossed the mark.

Many see it as just a psychological threshold, but it's a level U.S. stocks have never seen before, and it comes a mere six months after the Dow crossed 16,000.

All three major indexes are up in Thursday trading, with the Dow Jones Industrial Average at an all-time high of around 17,040 (up 0.4%). The S&P 500 is also at a record level, hitting 1,982 for the first time. The tech-heavy Nasdaq Composite is up about 0.4% as well.

U.S. markets will close early today at 1p.m. ET ahead of the July 4th holiday weekend. So far Hurricane Arthur does not seem to be impacting stocks.

Jobs Bonanza: A strong June job reports drove the optimism in the stock market. The U.S. economy added 288,000 jobs last month, and the unemployment rate fell to 6.1%, down from 6.3% in May. That was much better than economists or Wall Street expected.

Treasuries react to jobs report: The bond market is moving to sell after the jobs report and Federal Reserve chair Janet Yellen's comments yesterday that the central bank will not use interest rates to pop any potential bubbles in the markets. Bond yields are up to 2.65%, a sign of the improving economy.

Gold investors are similarly skittish, with the precious metal's price dropping nearly 1% to around $1,320 an ounce.

 

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