DOW BREAKS 17,000 FOR THE FIRST TIME

The Dow has broken 17,000 for the first time.

The new record high in the blue-chip index comes following a blowout jobs report earlier this morning that showed the economy added 288,000 non-farm payrolls in June.

Following the report stocks are higher across the board, with the Dow up 75 points, the S&P 500 up 7 points, and the Nasdaq up 10 points.

Bond yields have also edged up following the data, with the yield on the 10-year U.S. Treasury bond at 2.67%, and the two-year note at 0.52%.

June’s jobs report also showed that the unemployment rate also fell to 6.1%, its lowest level since September 2008. Expectations were for the unemployment rate to hold steady at 6.3%.

The jobs report also showed average hourly wages grew 2%, which was better than expected, and the labour for participation rate remained at 62.8% for the third straight month.

In other economic news, the U.S. trade deficit narrowed to $US44.4 billion, better than the $US45 billion that had been expected.

More to come …

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