Dow Jones Industrial Average, S&P 500 hit new highs

NEW YORK - The stock market hit two records on Friday morning.

The Dow Jones industrial average crossed the 15,000 mark for the first time ever after US hiring surged.

The benchmark S&P 500 crossed above the 1,600 level for the first time.

The surge came after a new jobs report showed U.S. employers added 165,000 in April, and that hiring was much stronger in the previous two months than the government first estimated. The job increases helped reduce the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.

The report Friday from the Labor Department was considered a reassuring sign that the U.S. job market is improving despite higher taxes and government spending cuts that took effect this year.

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