Time for fireworks: Dow tops 17,000!

NEW YORK - The Dow finally hit 17,000! After a whole week of gingerly tiptoeing to the line, the market finally crossed this mark.

Many see it as just a psychological threshold, but it's a level U.S. stocks have never seen before and it comes a mere six months after the Dow crossed 16,000.

All three major indexes are up in Thursday trading, with the Dow Jones Industrial Average at an all-time high of 17,054. The S&P 500 is also at a record level, hitting 1,982 for the first time. The teach heavy Nasdaq Composite is up about 0.25%.

U.S. markets will close early today ahead of the July 4th holiday weekend.

Jobs Bonanza: A strong June job reports drove the optimism in the stock market. The U.S. economy added 288,000 jobs last month, and the unemployment rate fell to 6.1%, down from 6.3% in May. That was much better than economists or Wall Street expected.

Bonds react to jobs report: The bond market is moving to sell after the jobs report and Federal Reserve chair Janet Yellen's comments yesterday that the central bank will not use interest rates to pop any potential bubbles in the markets. Bond yields are up to 2.67%, a sign of the improving economy.

Gold investors are similarly skittish, with the precious metal's price dropping almost an entire percentage point to $1,318 an ounce.

Overseas Markets: European markets are were higher in afternoon trading, with the FTSE 100 up more than 0.6%. Asian markets were mixed, and Australia's stock market jumped a nice 0.7%.

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