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Dow Jones breaks through 25,000 for first time ever after strong jobs data | Dow Jones breaks through 25,000 for first time ever after strong jobs data |
(35 minutes later) | |
The Dow Jones industrial average burst through 25,000 for the first time ever on Thursday, spurred by strong US jobs numbers. | |
The index of 30 leading US shares surged more than 140 points after new data from ADP Research Institute revealed that the American private sector added 250,000 jobs in December. | |
Economists had predicted an extra 190,000 jobs, according to Reuters. | |
The broader S&P 500 index gained 0.5 per cent in early trading, with the Nasdaq rising 0.2 per cent. | |
The 25,000 milestone is the latest record to tumble for the American stock market which rose rapidly throughout 2017. | The 25,000 milestone is the latest record to tumble for the American stock market which rose rapidly throughout 2017. |
The Dow only passed 24,000 in November after hitting 20,000 less than a year ago. | The Dow only passed 24,000 in November after hitting 20,000 less than a year ago. |
In December, President Donald Trump signed into law a sweeping tax reform bill that will slash taxes on corporate profits, which gave equities a boost. | |
Added to this, the US economy has performed better than expected, with unemployment now at a 17-year low. | |
Last month, the Federal Reserve revised up its 2018 economic growth prediction from 2.1 per cent to 2.5 per cent and the global situation also appears strong. | |
All of the world's major economies are now growing reasonably strongly for the first time in several years. | |
The surging price of stocks and other assets has caused some analysts to warn of a bubble which should be deflated by raising interest rates from their current low levels. |
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