Bloomberg reported the Dow Jones Industrial Average rose 0.3% on early deals jumping to an all-time high at 17,027.77 (as for 2:35 pm GMT). Thus, the U.S. stock index broke a new record for the first time in its 118-year history after an upbeat report on U.S. job creation in June. It reads the unemployment rate dropped to 6.1%, its lowest level since September 2008.
According to the Bloomberg poll, analysts had expected the U.S. jobless rate to remain flat after falling to 6.3% in May. The number of jobless people shrank to 3.1 million. Experts consider it to be an encouraging sign.
The latest figures from the Labor Department have shown the US economy added 288,000 jobs in the non-farm sector in June. The median forecast in a Bloomberg survey of economists had called for a 215,000 advance. “This is a pretty strong report,” said Jim Paulsen, the chief investment strategist at San Francisco-based Wells Capital Management. “It is going to lead to upward revisions of second quarter growth rates.”
Interestingly, Dow Jones broke the previous record in November 2013 topping 16,000. The index hit the score of 15,000 in May 2013.