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 Monday, Sept. 1, the 244th day of 2014. There are 121 days left in the year.
1864 -- 150 years ago: We are informed by J.H. Hull that the reason the street sprinkler was not at work yesterday settling the dust on the streets, was because one of his horses was injured. 1889 -- 125 years ago: Bonnie McGregor, a fleet-footed stallion owned by S.W. Wheelock of this community, covered himself with glory at Lexington, Ky, when he ran a mile in 2:13 1/2. The horse's value was estimated as at least $50,000. 1914 -- 100 years ago: Troops are pouring into Paris to prepare for defense of the city. The German army is reported to be only 60 miles from the capital of France. 1939 -- 75 years ago: The German army has invaded Poland in undeclared warfare. Poland has appealed to Great Britain and France for aid. 1964 -- 50 years ago: Publication of a plant newspaper, the Farmall Works News, has been launched at the Rock Island IHC factory and replaces a managerial newsletter. 1989 -- 25 years ago: Officials predict Monday's Rock Island Labor Parade will be the biggest and best ever. Last minute work continues on floats and costumes for the parade, which steps off a 9:30 a.m.