NEW YORK (CBSNewYork/AP) — A big gain in the job market lifted 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.
EXTRA: More From CBS Money Watch
The government said U.S. employers added 165,000 jobs in April, more than economists were expecting. It also said more jobs were created in February and March than it had estimated earlier.
“We’ve all come to the conclusion that we are moving forward but slowly and slowly doesn’t seem to be too much of a concern anymore as long as we’re going in the right direction,” said New York Stock Exchange trader Doreen Mogavero.
The unemployment rate also fell to 7.5 percent, the lowest in four years, from 7.6 percent the month before.
A series of weak manufacturing reports, disappointing retail sales in March, signs of an economic slowdown in China and mixed earnings reports for the first quarter have rattled the market in recent weeks. Friday’s jobs numbers are reassuring investors.
The S&P 500 is up 13 percent from the start of the year. The Dow is up 14 percent.
When the jobs numbers were announced at 8:30 a.m., gold dropped, oil rose and the dollar strengthened against the yen.
The yield on the benchmark 10-year Treasury note rose sharply as traders moved money out of bonds and into riskier assets like stocks. The yield rose to 1.72 percent from 1.63 percent the day before, its lowest level of the year.
The Nasdaq composite rose 47 points, or 1.4 percent, to 3,387.
Check Out These Other Stories From CBSNewYork.com:
- FDNY Firefighter Sues, Says He Was Sexually Assaulted In Gym On The Job
- Two People Dead In Fatal Staten Island Shooting
- Jersey Shore Flooding, Beach Erosion Concerns As Storm Moves Out
- Westchester Residents Say Nazi Literature, Confederate Flag Items Were Sold At Gun Show
(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)