Mid-Day Update: Record Highs Fueled by Bullish Labor Market Data; Dow Cracks 25,000

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Wall Street lunged to record highs again on Thursday as investor appetite for risk was encouraged by bullish labor market data, gains in overseas markets on strong economic data, and robust consumer spending this holiday season.

The Dow Jones Industrial Average cracked the psychologically key 25,000 level at the NYSE open on gains in financial and industrial shares, extending its winning streak to a third day. Additionally, bulls were also emboldened by four consecutive days of higher highs and higher lows in the S&P 500 and Nasdaq.

Trending higher in premarket trading , the major averages were propelled to record highs by a 250,000 increase in private payrolls according to a monthly survey by Automated Data Processing ( ADP ). The services sector contributed the bulk of the new private sector jobs, setting an 18-month high of 222,000 new jobs.

Initial jobless claims increased by 3,000 to 250,000 for the week ended 12/30, above expectations for a 5,000 decline.

Thursday's final economic indicator was the purchasing manager's final services sector index for December, which declined slightly to 53.7 from November's final 54.5, but was up from the flash reading of 52.4.

Comparable indices across Asia and Europe were mixed with China's Caixin Services sector PMI setting a three-year high of 53.9, fueling gains across Asia and Europe. The Nikkei surged more than 3% on pent-up demand after a three-holiday in Japan, posting a 26-year high, and setting Europe and the US up for sizable gains.

European bourses were all trading higher on upbeat economic data in which the EU composite PMI set a 7-year high, fueling a near 1% gain in the Euro Stoxx market index at the close. The FTSE-100 hit an intra-day record high after the UK services PMI reached its second-highest level since April.

Crude oil was up $0.28 to $61.91 per barrel. Natural gas was down $0.01 to $2.99 per 1 million BTU. Gold was up $1.90 to $1,320.40 an ounce, while silver was down $0.01 to $17.25 an ounce. Copper was up $0.004 to $3.26 per pound.

Among energy ETFs, the United States Oil Fund was up 0.58% to $12.41 with the United States Natural Gas Fund was down 0.42% to 5.88. Among precious-metal funds, the Market Vectors Gold Miners ETF was up 0.20% to 23.56 while SPDR Gold Shares were up 0.29% to 125.18. The iShares Silver Trust was up 0.40% to $16.23.

Here's where the markets stand at mid-day:


NYSE Composite Index was up 62.89 points (+0.48%) to 13,020.17

Dow Jones Industrial Index was up 150.22 points (+0.60%) to 25,072.90

S&P 500 was up 10.21 points (+0.37%) to 2,723.32

Nasdaq Composite Index was up 18.02 points (+0.26%) to 7,083.44


FTSE 100 was up 24.77 points (+0.32%) to 7,695.88

DAX was up 189.68 points (+1.46%) to 13,167.89

CAC 40 was up 82.41 points (+1.55%) to 5,413.69

Nikkei 225 was up 741.39 points (+3.26%) to 23,506.33

Hang Seng Index was up 175.53 points (+0.57%) to 30,736.48

Shanghai China Composite Index was up 17.40 points (+0.52%) to 3,386.50


NYSE Energy Sector Index was up 95.68 points (+0.53%) to 18,025.08

NYSE Financial Sector Index was up 104.74 points (+0.82%) to 12,831.11

NYSE Healthcare Sector Index was up 49.23 points (+0.25%) to 20,595.49


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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