Stock traders celebrated the news that the nation added 288,000 jobs last month, far more than forecast. The unemployment rate fell to 6.1 percent in June, down from 6.3 percent in May, the
It was the fifth straight monthly gain above 200,000 -- the best such stretch since the late 1990s tech boom.
The Dow ended the day at 17,068, up 92 points for a 0.54 percent gain. The Standard & Poor's 500 gained 0.55 percent and the Nasdaq rose 0.63 percent.
The head of the
"Stocks just seem to be moving up and up, but for nice reasons. People have jobs," said Clayton money manager
Thursday's gains add to a strong month-and-a-half for
The indices have risen as a steady stream of good news on jobs and business growth bolsters investor confidence.
Health care and telecom stocks were the best performing sectors Thursday, noted
The bond market snoozed through the stock investors' party Thursday as the yield on the 10-year Treasury barely budged at 2.64 percent.
The Dow Industrials are up 3 percent for the year, and the S&P 500 is up 7.4 percent, after last year's 29 percent gain. Some analysts beginning to worry that stocks have come too far, too fast.
"We are in rarefied valuation territory," said
Stocks have now gone more than 1,000 days without a correction -- defined as a 10 percent decline -- the longest stretch since 1928. At this point, bad news could send the market down quickly, Rolfe said. "The first whisper that there's smoke in the lobby and the speculators are going to run for the exit," he said.
The S&P 500 is now selling at a price 18 times trailing earnings, above the longtime average of about 16. Still, investors are expecting strong earnings as companies this month report results for the June quarter. Profits could be up 11 percent from a year earlier, according to an estimate from S&P Dow Jones Indices.
"The market is resting on some pretty aggressive earnings forecasts," said
Others are more optimistic. "Favorable fundamentals and attractive valuations, in our opinion, continue to carry the major indices higher," wrote
The Dow's 17,000 milestone is another reminder of its bull market run. The index has climbed more than 10,500 points since its Great Recession low of 6,547.05 on
Among individual stocks, the pet supply chain
Thursday was the slowest trading day of the year for stocks. Roughly 1.9 billion shares changed hands on the
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