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UPDATE: Stocks Open Sharply Higher After US Hiring Surges

By: Associated Press
By: Associated Press

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Friday, May 3, 2013

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.

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Stocks are soaring in early trading after hiring surged in the U.S. last month and unemployment hit a four-year low.

The Standard & Poor's 500 index crossed 1,600 for the first time. In the first minutes of trading Friday, it was up 16 points at 1,613, a gain of 1 percent.

The Dow Jones industrial average jumped 134 points, or 0.9 percent, to 14,964.

The Nasdaq composite rose 37 points, or 1 percent, to 3,378.

Investors were encouraged after U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than the government first estimated. The job increases helped lower the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.


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