Dow Closes Above 16000 [View all]

[brooklynite]

Source: Wall Street Journal

The Dow Jones Industrial Average closed above 16,000 for the first time Thursday, extending a rally that has the blue chip-index on pace for its best year in a decade.

Gains on Thursday came after Janet Yellen moved a step closer to becoming the next Federal Reserve leader and a better-than-expected report on the jobs market boosted sentiment.

Behind the broader push that took the Dow through this latest milepost: seemingly greater confidence in the stock market's ability to withstand a scaling back by the Federal Reserve of the bond-market purchases it has been employing to stimulate the economy.

With Thursday's gain, the Dow has advanced 22% so far this year, putting it on pace for the biggest annual rally since a 25% gain in 2003. The blue-chip index is up 144% from its 2009 low.

Read more: http://online.wsj.com/news/articles/SB10001424052702303653004579211283929257404

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