NEW YORK (CNNMoney)
Many see it as just a psychological threshold, but it's a level U.S. stocks have never seen before, and it comes a mere six months after the Dow crossed 16,000.
All three major indexes are up in Thursday trading, with the Dow Jones Industrial Average at an all-time high of around 17,040 (up 0.4%). The S&P 500 is also at a record level, hitting 1,982 for the first time. The tech-heavy Nasdaq Composite is up about 0.4% as well.
U.S. markets will close early today at 1p.m. ET ahead of the July 4th holiday weekend. So far Hurricane Arthur does not seem to be impacting stocks.
Jobs Bonanza: A strong June job reports drove the optimism in the stock market. The U.S. economy added 288,000 jobs last month, and the unemployment rate fell to 6.1%, down from 6.3% in May. That was much better than economists or Wall Street expected.
Related: What you need to know about the jobs numbers
Treasuries react to jobs report: The bond market is moving to sell after the jobs report and Federal Reserve chair Janet Yellen's comments yesterday that the central bank will not use interest rates to pop any potential bubbles in the markets. Bond yields are up to 2.65%, a sign of the improving economy.
Gold investors are similarly skittish, with the precious metal's price dropping nearly 1% to around $1,320 an ounce.
Bow Wow -- PetSmart stock spikes: PetSmart (PETM) shares are howling at the moon, up more than 12% after hedge fund Jana Partners announced a 9.9% stake with intentions of exploring a sale of the company.
In other moves, embattled clothing retailers American Apparel (APP) and Lululemon (LULU) are trading higher. Shares in the two are up 5% and almost 2.5%, respectively. There's a lot of news around American Apparel, where Reuters reports that former CEO Dov Charney has handed off his stake to hedge fund Standard General. The Wall Street Journal is reporting that former Lululemon chair and founder Chip Wilson is trying to take the company private.
Intel (INTC, Tech30) shares are up 20% so far this year, making it the second best performing stock in the Dow.
Independence Dog: It's also fun to note that Nathan's Famous (NATH)hot dogs, sponsor of Coney Island's annual July 4 hot dog-eating contest, is a publicly traded company. The stock is down slightly in trading today, but it's up over 7% so far this year and has truly been a "top dog" in recent years.
Related: Nathan's stock performance illustrated with mustard
Overseas Markets: European markets are were higher in afternoon trading, with the FTSE 100 up more than 0.6%. Asian markets were mixed, and Australia's stock market jumped a nice 0.7%.
First Published: July 3, 2014: 10:01 AM ET
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