Dow index closes shy of 16,000

Updated Nov. 18, 2013 at 6:27 PM
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NEW YORK, Nov. 18 (UPI) -- The Dow Jones industrial average topped 16,000 points for the first time in its history Monday, but closed shy of that mark with a late fade.

The Standard & Poor's 500 index also posted an all-time high in the morning, topping 1,800 for the first time, although gains wavered and the index closed at 1,791.54, down 0.37 percent or 6.64 points.

The Dow average added 14.32 points and closed at 15,976.02, up 0.09 percent.

The Nasdaq closed off 36.90 points or 0.93 percent to 3,949.07.

Investors were buoyed last week when Federal Reserve Vice Chairwoman Janet Yellen in a Senate nomination hearing for her ascension to Fed chairwoman said she considered it risky to back away from the central bank's current accommodating monetary policies.

The rally began at the first of the year. Since January, the Dow has gained 22 percent.

"Fundamentals are driving this market with help from our friends at the Fed," ING Investment Management chief strategist Doug Cote told The Wall Street Journal.

"The notion that this market doesn't have room to run is actually false," he said.

In Japan, the Nikkei 225 index dropped 1.62 points or 0.01 percent, to 15,164.30.

In London, the FTSE 100 added 30.02 or 0.45 percent, to close at 6,723.46.

On currency markets, the euro was trading lower at $1.3518, while the dollar fell to 100.13 yen.

Ten-year benchmark treasuries rose 7/32 to yield 2.681 percent at the close of trading.

In late trading on the New York Mercantile Exchange, crude oil dropped 0.85 cents to $92.99 per barrel. On the Comex division, gold lost $14 to $1,273.40 per troy ounce, while silver lost 33.2 cents to $20.385 per ounce.

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