Wall Street bursts through 18,000 for first time
The Dow's record close is the latest milestone in the nearly six-year bull market.
Stocks on Wall Street have reached their highest level of the year with just half a day’s trading left before Christmas.
The blue chip Dow Jones Industrial Average closed just above 18,000 for the first time, after data showed the US economy posted its strongest growth in more than a decade.
The Dow climbed 64.73 points, or 0.4%, to 18,024.17. The S&P 500 index rose 3.63 points, or 0.2%, to 2082.17.
Meanwhile, the Nasdaq Composite fell 16 points, or 0.3%, to 4765.42, dragged down by broad declines in healthcare stocks.
The Dow’s crossing of 18,000 is the latest milestone in the nearly six-year bull market.
The Tuesday close is the fifth-quickest 1000-point rise for the blue-chip index. The fastest 1000-point rise was in 1999, when the Dow jumped to 11000 in just 24 trading days.
Going into Tuesday’s rally, it has been 119 trading days since the blue chips broke 17,000.
US stocks have pushed higher in 2014 with help from a robust economy, healthier-than-expected corporate earnings and expectations the Federal Reserve will continue to take a go-slow approach to raising interest rates.
The latest leg higher in the stock market was sparked by the Fed’s most recent policy-setting meeting, in which officials signalled they would be patient with any rate increase, which is expected in the second half of next year.
Investors have also gravitated toward Wall Street amid a slowdown of economic growth overseas, especially in Europe and China.
Nevil Gibson
Wed, 24 Dec 2014
Wed, 24 Dec 2014
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Wall Street bursts through 18,000 for first time
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