| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Stock rally continues on jobless report

Email Newsletters

Sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Thursday, March 7, 2013, 9:42 p.m.

NEW YORK — The Dow pushed further into record territory on Thursday, having surpassed its previous all-time high two days ago. The catalyst was the latest evidence that hiring is picking up.

Stocks started higher after the Labor Department reported that the number of Americans seeking unemployment aid fell by 7,000 last week, driving the four-week average to its lowest in five years. The drop is a positive sign ahead of Friday's employment report.

The Dow Jones industrial average rose 33.25 points, or 0.2 percent, to 14,329.49. The Standard & Poor's 500 gained 2.80 points, or 0.2 percent, to 1,544.26. Both indexes rose for the fifth day straight.

The Dow barreled through a record high Tuesday and has added to its gains since then. The S&P 500 is closing in on its own record high of 1,565, which was also reached on Oct. 9, 2007, the same day of the Dow's previous peak. The S&P would need to rise 21 points, or 1.3 percent, to set a record.

Investors have been buying stocks on optimism that employers are slowly starting to hire again and that the housing market is recovering. Growing company earnings are also encouraging investors to get into the market. The Dow is 9.4 percent higher this year and the broader S&P 500 is up 8.3 percent.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Stocks shake off Middle East tensions, drop in consumer confidence
  2. Powder metals fabricator Atlas Pressed Metals diversifies appeal to customers
  3. Collectors willing to overpay for silver, value ‘all in the eye of the beholder’
  4. Existing-home sales fall 3.4% in October
  5. Hedge fund Elliott Management grabs 6.4 percent stake in Alcoa
  6. Not all in support of UAW contracts
  7. Self-driving cars met with rule hurdles
  8. ‘Word people’ could start careers as court reporters, medical scribes
  9. Kmart brings back the Bluelight Special
  10. Pfizer acquires Allergan in $160B deal
  11. Stock markets finish with minor losses