Strong jobs report pushes Dow Jones average above 17,000
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The Dow Jones industrial average vaulted over 17,000 for the first time early Thursday, an emphatic punctuation mark to the impressive jobs report.
As of 9:45 a.m. Pacific, the blue-chip indicator was up 85.02 points, or 0.5%, to 17,061.26.
The Standard & Poor’s 500 index also surged to a fresh high as it nears 2,000, which would be its own milestone.
Investors are hoping that the addition of 288,000 net new jobs last month signals a long-awaited strengthening of the economy.
As it has for the last several years, the economy has sent frustratingly mixed signals, repeatedly appearing to accelerate only to fall short of the 3% annual growth that investors have thirsted after.
Inclement weather caused an unexpected decline in first-quarter gross domestic product.
Bulls clung to the notion that the effects would be temporary, and the better-than-expected June jobs report has validated their faith at this point.
Follow Walter Hamilton on Twitter @LATwalter
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