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Dow Jones breaks 14,000 points

Feb. 1, 2013 at 4:39 PM   |   Comments

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NEW YORK, Feb. 1 (UPI) -- The Dow Jones industrial average closed above the 14,000 mark for the first time in more than five years Friday on reports about U.S. jobs and manufacturing.

The Dow added 149.21 points, or 1.08 percent, to close at 14,009.79 in late afternoon trading.

"Psychologically, it's a monumental number," Daniel Morgan, senior portfolio manager at Synovus, told The Wall Street Journal. "It happened quicker than a lot of people thought it might, based on what's going on with the economy and the political climate."

It is the first time the Dow closed above 14,000 points since Oct. 12, 2007.

The Nasdaq picked up 36.97 points, or 1.18 percent, to 3,179.10.

The Standard & Poor's 500 gained 15.06 points, or 1.01 percent, to 1,513.17.

The Labor Department said the U.S. economy added 157,000 jobs in January, slightly less than forecast, and the unemployment rate rose from 7.8 percent to 7.9 percent.

The Institute of Supply Management said manufacturing made strong gains in the month, with the Purchasing Managers' Index rising from 50.7 in December to 53.1 in January. Numbers above 50 in the index indicate business growth.

The Census Bureau reported Friday construction spending rose in December to a seasonally adjusted annual rate of $885 billion, 7.8 percent above spending in December 2011.

On the New York Stock Exchange, the total volume traded was 3.88 trillion shares, with advancers ahead of decliners, 2,342 trillion to 710 million shares.

The 10-year treasury note yield was 2.028 percent.

Against the dollar, the euro was $1.3650 from Thursday's $1.3578. The dollar was 92.77 yen from Thursday's 91.72 yen.

In Tokyo, the Nikkei 225 index added 0.47 percent, 52.68 points, to 11,191.34.

In London, the FTSE 100 index added 1.12 percent, 70.36, to 6,347.24.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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