NEW YORK (AP) — The Dow stock market index closed above 14,000 for the first time since before the financial crisis rocked the world economy.
Propelled by strong auto sales and optimism about U.S. jobs, the Dow Jones industrial average crossed the line early Friday and continued flirting with the mark all day. The other major stock indexes also rose.
The Dow was up 149 points to 14,010. It's gained 6.9 percent this year. The Standard & Poor's 500 rose 15 to 1,513. The Nasdaq composite index added 37 to 3,179.
The market celebrated after the release of Labor Department figures that showed payrolls rising 157,000 in January after a revised 196,000 gain in December and a 247,000 influx in November.
“Everyone was so concerned about the fiscal cliff, yet we had some really strong hiring in the private sector during those months,” said Cronk of the final two months of 2012.
Separate data had manufacturing in January expanding to a nine-month high and confidence taking an unexpected turn upward.
Friday’s rally followed a solid month for equities, with the S&P 500 gaining 5 percent in January, which also marked the first full month since 2007 where more money flowed into equity funds than bond funds, said Art Hogan, market strategist at Lazard Capital Markets.
Ahead of Friday’s open, stock-index futures had added to gains after the government reported the U.S. economy created a smaller-than-expected 157,000 jobs in January but added more the prior two months than initially thought. The January unemployment rate edged up 0.1 percentage point to stand at 7.9 percent.
Today is Tuesday, June 18, the 169th day of 2013. There are 196 days left in the year. 1863 -- 150 years ago: Fanatics have grown wonderfully civil since the president snubbedthem by revoking Burnside's infamous attack upon the freedom of the press. 1888 -- 125 years ago: The Interstate baseball league has collapsed, leaving Davenport'sleading team without a league connection. 1913 -- 100 years ago: Passengers were stunned yesterday when lightning struck a LongView street car at 9th Ave. and 25th St. 1938 -- 75 years ago: X-ray examinations today traced the trouble with Dizzy Dean's$250,000 pitching arm to a pulled muscle back of his right shoulder blade. 1963 -- 50 years ago: Radio station WQAD in Moline is being considered by the NationalCivil Defense Office for selection as a "secured communication center" Mrs. Gault,executive deputy director of the Moline Civil Defense unit reported today. 1988 -- 25 years ago: "Marketplace 29 A.D." an unusual vacation Bible school programthat will allow children to live three days as people did during the Bible Times June 21-23. The three day program, is a joint project of Aldersgate and Bethel-Wesley UnitedMethodist churches.