The Dow Jones Industrial Average hit a nearly four-year high, boosted by signs of an accelerating U.S. economic recovery and glimmers of hope on the Greek debt crisis.
The Dow surged 123.13 points, or 1%, to 12904.08. Thursday's rise was the biggest one-day point and percentage gain in two weeks and left the blue-chip index less than 100 points from the 13000 level it last hit in May 2008. The Dow has now run higher for 34 days without a single triple-digit decline, the longest run in more than a year. All 10 sectors of the Standard & Poor's 500-stock index finished with gains.
Investors were lifted by data confirming the recent improvement in the U.S. economy. The number of weekly jobless claims tumbled to its lowest level since March 2008, and manufacturing activity showed more signs of strength. On Wednesday, a reading of home-builder sentiment rose to a near five-year high, and the Commerce Department said Thursday that home construction last month increased 10% from a year earlier, topping economists' expectations.
U.S. stocks gained after positive news from the labor and housing markets deflected concern about Greece's debt. Steven Russolillo reports on Markets Hub. (Photo: AP)
.
The rally has offered encouragement, but also raised fears that the market is rising too quickly and can't sustain recent gains. Since early October, the Dow has rallied 21%; the Nasdaq Composite is up 14% this year, perched at an 11-year high.
Meanwhile, small-capitalization stocks have run up 36% since early October, pushing the Russell 2000 small-cap index to within 4% of the all-time high that it hit last April. The Russell 2000 surged 2% Thursday.
"...........................................................
BOOMING !
not good news for the Newster and the Mittster
all republicans are praying america will go down the tubes.
come on America, depress some more we love it.
cant you see how sick this really is