Dow rises 100 points, closes at record high after jobs report shows strong economic recovery
Stocks tied to the economic recovery rose after a stronger-than-expected jobs report on Friday, sending two key market averages to all-time highs.
The Dow Jones Industrial Average rose 144.26 points, or 0.4%, and closed at an all-time high of 35,208.51. The S&P 500 rose nearly 0.2% to clinch its own record close at 4,436.52, while the tech-heavy Nasdaq Composite dipped 0.4% to settle at 14,835.76.
For the week, the Dow rose 0.7% for its second positive week in three. The S&P 500 rose 0.9% for the week and is now up 18.1% for the year. The Nasdaq rose 1.1% for the week.
Friday’s jobs report showed that the U.S. economy added 943,000 jobs in July, according to the Labor Department. Economists expected the economy to have added 845,000 jobs last month, according to estimates from Dow Jones. The unemployment rate dropped to 5.4%, below the estimate of 5.7%.
Industrials, retailers and energy stocks also gained as the jobs report soothed concerns about the economic comeback.
On the flip side, tech shares declined as the jump in rates caused investors to take profits in the names and move back into stocks that could benefit more from faster economic growth.
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