Dow closes above 17,000 on strong payrolls report

The Dow burst through the 17,000 mark to a new record close, and the S&P also climbed to a new high, after the June payrolls report came in far above expectations.

While welcoming the strong employment data, investors also decided the report's subdued wage growth means the Fed won’t speed up its timetable for raising short-term interest rates.

The Dow's move above 17,000 comes just 153 trading sessions since first closing above 16K last Nov. 21, marking the seventh-fastest 1,000-point gain in history.

Growth-sensitive industrials and materials stocks led the market higher, while utilities, which pay bond-like dividends, sold off sharply.

Volume was light in the holiday-shortened session; the VIX fell 4.6% to 10.32, lower than any time in more than seven years.

Treasury prices slumped initially from the jobs data, but eased higher thereafter; the benchmark 10-year yield is up 2 bps to 2.65%.

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