Stocks surge in early trading after hiring climbs

NEW YORK (AP) — The stock market is pushing further into record territory after the government reported a surge in hiring last month.

The Dow Jones industrial average crossed 15,000 for the first time, and the Standard and Poor’s 500 index, a broader market measure, rose above 1,600.

The Dow was up 155 points at 14,987 as of midday Eastern Daylight Time Friday, a gain of 1 percent.

The S&P 500 index surged 19 points, or 1.2 percent, to 1,616. It has been thirteen years since the index first broke through 1,500 points.

U.S. employers added 165,000 jobs in April, more than economists were expecting. The unemployment rate fell to 7.5 percent, the lowest in four years.

Government bond yields rose sharply as traders moved money out of bonds and into riskier assets.

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