Dow tops 14,000 for first time since 2007


Share
Originally Posted Online: Feb. 01, 2013, 9:26 am
Last Updated: Feb. 01, 2013, 8:36 pm
Comment on this story | Print this story | Email this story
The Associated Press and McClatchy Newspapers

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.
















 



Local events heading








  Today is Monday, Oct. 20, the 293rd day of 2014. There are 72 days left in the year.

1864 -- 150 years ago: The store of Devoe and Crampton was entered and robbed of about $500 worth of gold pens and pocket cutlery last night.
1889 -- 125 years ago: Michael Malloy was named president of the Tri-City Stone Cutters Union.
1914 -- 100 years ago: Dewitte C. Poole, former Moline newspaperman serving as vice consul general for the United States government in Paris, declared in a letter to friends that the once gay Paris is a city of sadness and desolation.
1939 -- 75 years ago: Plans for the construction of an $80,000 wholesale bakery at 2011 4th Ave. were announced by Harry and Nick Coin, of Rock Island. It is to be known as the Banquet Bakery.
1964 -- 50 years ago: An application has been filed for a state permit to organize a savings and loan association in Moline, it was announced. The applicants are Ben Butterworth, A.B. Lundahl, C. Richard Evans, John Harris, George Crampton and William Getz, all of Moline, Charles Roberts, Rock Island, and Charles Johnson, of Hampton.
1989 -- 25 years ago: Indian summer is quickly disappearing as temperatures slide into the 40s and 50s this week. Last week, highs were in the 80s.


(More History)