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Trader Peter Tuchman jokes with a handmade ‘Dow 17,000’ cap as he works on the floor of the New York Stock Exchange, Tuesday, July 1, 2014. The stock market climbed to all-time highs after reports showed that manufacturing in the U.S. and China expanded in June, boosting the outlook for global growth.
Trader Peter Tuchman jokes with a handmade ‘Dow 17,000’ cap as he works on the floor of the New York Stock Exchange, Tuesday, July 1, 2014. The stock market climbed to all-time highs after reports showed that manufacturing in the U.S. and China expanded in June, boosting the outlook for global growth.
(Richard Drew/AP)

inside the market

Little reason to cheer as Dow hits 17,000

The Dow Jones industrial average surged above 17,000 for the first time ever in early trading on Thursday, following an upbeat U.S. payrolls report that suggests the economic recovery is back on track following a contraction in the first quarter.

The blue chip index rose to 17,051, up 75 points or 0.4 per cent, after the U.S. Labor Department reported that 288,000 jobs were added in June, well above expectations of 215,000 new jobs. The unemployment rate fell to 6.1 per cent from 6.3 per cent.