Stocks up on job market news - 13 WTHR Indianapolis

Stocks up on job market news

Updated:
NEW YORK -

 

It's already being called a historic year for the stock market but as the new year approaches, traders are wondering what 2014 will bring.

The market continued its upward climb yesterday as traders went back to work after the Christmas holiday. They were encouraged by an unexpectedly large drop in claims for unemployment benefits last week. It's the latest sign the U.S. job market is improving. But trading volume was very low because most portfolio managers have closed out their positions for the year.

The Dow Jones industrial average rose 122 points, or 0.8 percent, to close at 16,479 yesterday. It was the 50th record high close for the Dow this year. The blue-chip index is up nearly 26 percent so far in 2013, on pace to have its best year since 1996.

The S&P 500 index rose nearly nine points, or 0.5 percent, to 1,842 and the Nasdaq composite was up nearly 12 points, or 0.3 percent, to 4,167. With Thursday's gains, the S&P 500 is up 29.2 percent for the year. The index is on track for its best year since 1997.

There are no major economic reports scheduled for release today.

 

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