Dow average closes above 16,000 for the first time - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Dow average closes above 16,000 for the first time

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By FOX BUSINESS

The Dow rallied more than 100 points to close above the 16,000 mark for the first in history amid optimism the Fed will keep its foot firmly on the economic accelerator.

Today's Markets

According to preliminary calculations, the Dow Jones Industrial Average (DJI) rose 109 points, or 0.69%, to 16010, the S&P 500 (GSPC) advanced 14.5 points, or 0.81%, to 1796 and the Nasdaq Composite (IXIC) gained 47.9 points, or 1.2%, to 3969.

Traders had no lack of information to parse through on Thursday.

Federal Reserve Vice Chairman Janet Yellen won a vote in the Senate Banking Committee to become the next chair of the central bank. The move clears the way for a full vote in the Senate later this year. Yellen is seen as likely to continue curren Fed chief Ben Bernanke's highly-accommodative monetary policies that have helped lift stocks 25% higher this year.

The Labor Department reported wholesale prices fell 0.2% in October, matching economists’ expectations. Excluding the food and energy segments, prices rose 0.2%, slightly exceeding the 0.1% Wall Street expected. Prices have been broadly holding steady even as the Federal Reserve pushes hard on the economic accelerator, according to recent economic data.

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