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BERNARD CONDON
AP Business Writer

NEW YORK (AP) — A big gain in the job market is lifting the stock market to a record high.

The Dow Jones industrial average crossed 15,000 for the first time, and the Standard and Poor’s 500 index, a broader market measure, rose above 1,600.

In the first hour of trading Friday, the Dow Jones industrial average jumped 173 points to 15,004, a gain of 1.2 percent.

The S&P 500 index surged 20 points, or 1.3 percent, to 1,618. It has been thirteen years since the broad stock-market index broke through 1,500.

The government said U.S. employers added 165,000 jobs in April, more than economists were expecting. The unemployment rate fell to 7.5 percent, the lowest in four years.

Government bond yields fell as moved money out of bonds and into riskier assets.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

5/3/2013 10:35:03 AM (GMT -4:00)

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3 Comments on "Stocks surge in early trading after hiring climbs"


Robo
2015 years 9 months ago

This article is very misleading. Yes, businesses added 165,000 jobs in April but they actually cut the number of hours worked. That ends up as an equivalent loss rather than a gain. In addition, the stock market surge we are experiencing is due to a shift from bonds to equities by investors, related to the very low interest rates paid by fixed income investments.

Guest Reply
2015 years 9 months ago

Wait a Doggone Minute! Is this for real…or a hacked out Twitter Tease???

Vog46
2015 years 9 months ago

Is what happens when people drop off the dole.
McCrory will achieve the same result here.
I would like to see NC’s jobless rate drop faster than it has been.
It seems like we went up higher than the national average when the recession hit and we’re coming down slower than the national average.

Vog

 

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