I tend to lean towards the following explanation regarding biblical timelines though I understand that there are differing schools of thought.
http://www.thejewishweek.com/editorial-opinion/sabbath-week/was-creation-really-seven-daysThe Bible is not interested in conveying literal and chronological facts in its story of Creation. After all, the sun and the moon were not created until the fourth day, and it is specifically their movements which are the determinants for our 24-hour day. Beyond any doubt, then, yom (day) in the context of the seven days of Creation cannot mean a literal 24-hour day.
...
Maimonides, in his Guide for the Perplexed, interprets all biblical stories until the advent of Abraham as allegories, whose purpose is to convey moral lessons
...
And this certainly leaves the door open to maintain that One thousand (or one million) years in Your eyes is like one day [Psalms 90:4]. Each biblical day in the Creation story may well represent an epoch of thousands or millions or years.