S&P 500 PASSES 1,600!

The U.S. stock markets are open and they are surging.

Of note is the S&P 500, which is at 1,605.

This is an all-time intraday high, and it is the first time the index has ever crossed 1,600.

The market rally comes after a strong jobs report.  This morning we learned that U.S. companies added 165,000 nonfarm payrolls in April, which was much higher than the 140,000 expected by economists.

The unemployment rate slipped to 7.5% from 7.6% a month ago.  This comes as the labour force participation rate remained unchanged at 63.3%.

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