Record job growth powers Wall Street, Nasdaq hits all-time high
NEW YORK (Reuters) - Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday as investors headed into their long holiday weekend buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well under way.
All three major U.S. stock averages advanced, with the benchmark S&P 500 posting its fourth straight daily gain.
Massive stimulus and hopes for a speedy economic rebound have returned the S&P 500 and the Nasdaq to about 7% and 12% below their record highs reached in February.
The indexes registered strong gains for the week.
The U.S. economy added 4.8 million jobs in June according to the Labor Department, 1.8 million more than analysts expected, setting a second consecutive record.
Massive rehiring sent the unemployment rate down to 11.1%.