NEW YORK — Stocks rose this morning after an encouraging employment report, sending the Standard & Poor’s 500 index above 1,700 points for the first time.

The S&P 500, which investors follow closely as a gauge for the rest of the market, was up 18 points in early trading, or 1.1 percent, at 1,704.

The Dow Jones industrial average rose 144 points, or 0.9 percent, to 15,644. The Dow is also at a record high. The Nasdaq composite index rose 37 points, or 1 percent, to 3,664.

All 10 industry sectors in the S&P 500 index rose, led by banks and industrial stocks.

The driving force for the advance was a report from the Labor Department that the number of Americans seeking unemployment benefits dropped last week to the lowest since 2008. Higher auto sales and earnings gains at several U.S. companies also drove the market higher.

The S&P 500 has never closed above 1,700, nor has it crossed that mark in intraday trading. Previously, its highest close was 1,695.52 on July 22.

The S&P 500 has made the jump from 1,600 to 1,700 in less than three months. The index first traded above 1,600 May 3.