Dow Jones closes above 14,000 - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Dow Jones closes above 14,000

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NEW YORK (MYFOXNY) -

The Dow Jones industrial average closed above the 14,000 mark Friday -- for the first time since October 2007. 

After that 2007 benchmark, the stock market declined as a financial crisis rocked the world.

The stock average shot up Friday after traders saw positive signs in a mixed U.S. jobs report and strong auto sales.

The average broke 14,000 just after 10 a.m. but retreated below the milestone moments later.  It went back over the 14,000 mark again in the afternoon.

The Dow's all-time high is 14,164.53, which it reached on Oct. 9, 2007. The index has more than doubled since falling to close at low of 6,547 on March, 3, 2009.

The Dow is an index of 30 big companies. Its purpose is to represent how the broader stock market is faring. It's more a representation of how traders are feeling about the economy than the economy's underlying fundamentals, but hitting 14,000 is still considered an important psychological milestone.

The Dow has gained 6.7 percent since the start of 2013.

The Associated press contributed to this report.

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