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 Wednesday, Sept. 17, the 260th day of 2014. There are 105 days left in the year. 1864 -- 150 years ago: We are told league merchants have paid no attention to the prohibition on selling ammunition, but continue to sell just as before the order was issued. 1889 -- 125 years ago: The Rev. R.F. Sweet, rector of Trinity Episcopal Parish, left for the East to visit his boyhood home in Boston before attending the general convention of the Episcopal Church in New York. 1914 -- 100 years ago: Dr. E.A. Anderson was named to succeed Dr. E.L. Kerns as head physician of the Modern Woodmen of America, and moved to Rock Island from Holdingford, Minn. 1939 -- 75 years ago: One week late, because of the outbreak of war, Dr. E.L. Beyer resumed his work as professor of romance languages at Augustana College. Dr. and Mrs. Beyer left Germany on the last train to the Belgian border. 1964 -- 50 years ago: Employees in Turnstyle stores in Moline and Davenport will vote Oct. 2 in an election set up by the Chicago regional office of the National Labor Relations Board. Employees will vote either for the Retail Clerk International or for no union. 1989 -- 25 years ago: Rock Island High School is considering a step to help teen moms stay in school and get their diploma. The school board is expected to vote tonight on instituting an on-site child care center.