The US stock market continued to defy the laws of gravity as it once again went on record-smashing galore on Thursday, setting major milestone that saw Wall Street indices in their respective all-time highs, buoyed by stronger-than-expected figures in the latest non-farm payroll report.
Based on the data from ADP, the US economy added 250 000 new jobs in the private sector last month, which surpassed the economists’ expectations of just 190 000 jobs. It was the most numbered of jobs created in almost 10 months.
The business sector led the charge as it came up with 72 000 new jobs before the year closed while the education and health sector tallied 50 000 jobs. The average hourly earnings are poised to rise 0.3% in December, showing that higher wages became a big factor in job creation.
The strong job report catapulted Wall Street to greater heights, with the Dow Jones Industrial Average in the center of discussion as it breached past the 25000-mark for a new all-time record. The blue chip index tacked on more than 150 points, or 0.6%, to settle at the psychologically important 25 075-level.
The S&P 500 index also ended to its best finish in its history after advancing 0.4%, or 10 points, at 2 723.99, backed up by a decent rally from its financial sector.
Meanwhile, the tech heavy NASDAQ Composite would not be left behind as it gained 0.2%, or 12 points, to close at its best record of all time at 7 077.91.