The stock market today (Friday) hit a high not seen in more than five years when the Dow Jones Industrial Average crossed 14,000 for the first time since October 2007.
Less than an hour into trading the Dow spiked 140 points, or 1%, to hit 14,000.97. In mid-afternoon trading, the Dow rallied further, tacking on 150 points. The move leaves the Dow around 200 points, or 2%, from its all-time high of 14,198.10.
Friday’s strong showing came on the heels of the Dow’s strongest January (up 5.8%) since 1994.
The Standard & Poor’s 500 Index, which logged its best January since 1997, added 15 points, or just shy of 1%. The Nasdaq advanced 40.
The robust rally followed a lackluster report on the job market which gave “strength to the argument that the Fed will continue its bond buying program and keep rates low, which is also a positive for the stock market,” Tom Schrader, managing director at Stifel Nicolaus told CNN Money.
That sentiment also gave bonds and precious metals a boost. Gold prices moved up $7 to $1,670. Silver added 37 cents to $31.94
A bevy of reports helped buoy markets Friday.
A Census Bureau report showed construction rose 0.9% in December, well above forecasts. The Institute for Supply Management’s monthly manufacturing index rose to 53.1 in January, ahead of the expected 50.5 read, and the University of Michigan’s sentiment index climbed to 73.8 last month, better than the expected 71.4.