Stock rally continues on jobless report
By The Associated Press
Published: Thursday, March 7, 2013, 9:42 p.m.
Updated: Friday, March 8, 2013
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.
- You matter more than your school
- ESPN cutting workforce, ‘smartly managing costs’
- Retired UPMC surgeon sues surgical device maker over patents
- Be a pest employers admire
- Westinghouse hires regional president
- Hershey tapping into ‘milk candy’ market in China
- Stocks like hint from Fed member
- With high-tech guns, users could disable remotely
- JPMorgan’s Dimon survives shareholder vote
- Retailers highlight convenience, service to fight ‘showrooming’
- PPG Corning bankruptcy plan receives preliminary approval
You must be signed in to add comments
To comment, click the Sign in or sign up at the very top of this page.
Subscribe today! Click here for our subscription offers.