The Dow Jones industrial average on Thursday climbed above 17,000 for the first time as data showed employers added more workers than projected in June and the European Central Bank disclosed details of its stimulus plans.
The Dow gained 92.02 points, or 0.5%, to close at 17,068.26; the Standard & Poor's 500 index rose 10.82 points, or 0.6%, to a record 1,985.44; and Nasdaq increased 28.19 points, or 0.6%, to close at 4,485.93. The yield on 10-year Treasuries climbed two basis points to 2.65%. All numbers are preliminary.
“This is a pretty strong report,” said Jim Paulsen, chief investment strategist at Wells Capital Management, in a phone interview. “This is stuff that is going to lead to upward revisions of second-quarter growth rates, and it starts off the third quarter in a real positive momentum place.”
The addition of 288,000 jobs followed a 224,000 gain the prior month that was bigger than previously estimated, Labor Department figures showed Thursday. The median forecast in a Bloomberg survey of economists called for a 215,000 advance. The jobless rate is the lowest since September 2008. The number of long-term unemployed fell to 3.1 million, showing they're having greater success finding work.
It took the Dow 227 days to cross the 17,000 mark after surpassing 16,000 for the first time on Nov. 18.
ECB President Mario Draghi reiterated Thursday that he'll keep interest rates low as officials try to revive the region's economy with a new round of emergency measures.
The Chicago Board Options Exchange Volatility index declined 4.7% to 10.32. The gauge, known as the VIX, is at its lowest level since February 2007.