US adds 217,000 jobs in May, passing pre-recession employment peak
Boston Globe - 06/06/2014
On Wall Street, another month of solid job gains helped drive stocks to new highs. The Dow Jones industrial average rose 88 points to close at a record 16,924.
The broader S&P 500 index also had a record close, rising 9 points to 1,949. The technology heavy Nasdaq Composite gained 25 points to close at 4,321.
Other recent data have added to the optimism, with manufacturing activity expanding and retail sales increasing. First-time claims for unemployment benefits have declined; last week, the four-week average for first-time claims reached a nearly seven-year low.
“Business output has picked up in the second quarter, and it looks like we’re going to have above-average growth,” said Alan Clayton-Matthews, an economist at Northeastern University.