S&P 500 Goes Above 1,700 Points For The First Time Ever

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The S&P 500 rose 18 points in the first hour of trading on Thursday to 1,704 points, the first time it has ever risen above 1,700, AP reported. The Dow Jones Industrial Average also reached a record high of 15,647, and the Nasdaq rose 41 points to 3,667.

Stocks rose after a positive jobs report from the U.S. Department of Labor that said unemployment benefits claims had dropped to their lowest point since 2008, accompanied by higher auto sales and earnings at major companies, AP said.

Banks and industrial stocks on the S&P made the biggest gains. The stock index first broke 1,600 in May 2013.

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