News of economic growth sends Dow past 18,000

NEW YORK, Dec. 23 (UPI) -- The Dow Jones Industrial Average crossed the 18,000 threshold Tuesday for the first time after data indicated a five percent expansion of the U.S. economy in the third quarter. The milestone came 119 trading days after the index passed 17,000, a nearly six-year-long bull market. Stocks have advanced in 2014 because of a strong U.S. economy, high corporate earnings and a Federal Reserve policy of a slow rise of interest rates. Investors have also moved money from slower-growing regions, including Europe and China.

Higher consumer spending, a better trade balance and lower unemployment also were factors.

Tuesday's increase came after the U.S. Commerce Dept. announced the country's gross domestic product in the third quarter of 2014 grew at an annual rate of five percent, the most torrid pace since 2003. It earlier estimated growth at 3.9 percent.

The Dow advanced 0.9 percent Monday to close at 17,959.44, a record. The Standard & Poor's 500 also set a record, rising 0.4 percent to 2,074.54.