NEW YORK Stocks surged to all-time highs Friday when a surprisingly good jobs report finally gave investors a clear sign of U.S. economic strength after weeks of conflicting signals.
The market jumped from the opening bell, traders donned party hats and a wave of buying helped the Standard and Poors 500 index close above 1,600 for the first time. The Dow Jones industrial average briefly rose above 15,000, a milestone.
Theres euphoria today, said Stephen Carl, the head equity trader at The Williams Capital Group. Thats what youd have to call it.
On the floor of the New York Stock Exchange, brokers wore baseball caps emblazoned with Dow 15,000.
Investors are hoping its more than just a one-day celebration. Jobs are key to keeping stocks climbing. Big U.S. companies are making record profits, but much of that lately has come from cutting costs, not boosting sales. More jobs, and more consumer spending, would help.
The Dow rose 142.38 points to close at a record 14,973.96, up 1 percent. The S&P 500 index climbed 16.83 points, or 1 percent, to 1,614.42, also a record.
Were breaking through psychological barriers and that will continue to bring investors off the sidelines, said Darrell Cronk, regional chief investment officer for Wells Fargo Private Bank. He called the jobs news wonderful.
