NEW YORK — A big gain in the job market is pushing the stock market past new milestones.
The Dow Jones industrial average crossed 15,000 for the first time early Friday, and the Standard and Poor’s 500 index, a broader market measure, broke through 1,600 for the first time.
The government said U.S. employers added 165,000 jobs in April and more jobs in February and March than previously estimated. The unemployment rate also fell to the lowest level in four years, 7.5 percent.
The surge in U.S. hiring comes after weeks of conflicting signals about the strength of the global economy. The unexpectedly strong numbers jolted markets higher from the start of trading.
“There’s euphoria today,” said Stephen Carl, the head equity trader at The Williams Capital Group. “That’s what you’d have to call it.”
On the floor of the New York Stock Exchange, brokers sported baseball caps emblazoned with “Dow 15,000.”
The gains were broad. Nine of the 10 industry groups in the S&P 500 index rose. Three stocks rose for every one that fell on the NYSE.
Companies that stand to benefit most from an upturn in the economy led the stock market up. Industrial companies, those that make basic materials, and produce oil and gas rose the most in the S&P 500 index. U.S. Steel, General Electric and Dow Chemical were among the winners. Utilities, consumer-staple companies and other safe-play stocks trailed the market as investors took on more risk.