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Jobs Report Lifts Market

iStock/Thinkstock(NEW YORK) -- It was another record day for two of the indices.

The Dow rose 88 points to an all-time high of 16,924. The Nasdaq climbed 25 points and the S&P 500 closed up 9 points to a benchmark of 1949.

"One of the big things that's been driving this market is steady improvements in the economic picture," said Rebecca Jarvis, chief business and economics correspondent for ABC News. "The jobs report is one of those items."

The Labor Department said Friday that employers added 217,000 jobs last month.  The U.S. unemployment rate remained at 6.3 percent. Republican leaders point out that many Americans have given up looking for work.

Hertz plunged 9 percent on Friday on news that the car rental company will have to restate three years of financial results due to accounting errors.

Arista Networks soared in its first day of trading, selling more than 5 million shares at a price of $43 each. The company, which makes networking equipment for cloud computing, had delayed its initial public offering until this week after tech stocks took a beating in April.


Copyright 2014 ABC News Radio

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