Published November 22, 2013
FOX Business: Capitalism Lives Here
The Dow Jones Industrial average closed above 16000 for the second time, extending its 22% rally for the year. The index logged nearly 1000 points in the last seven weeks, its longest weekly winning streak in nearly three years.
The Dow Jones Industrial Average (DJI) rose 54.8 points, or 0.34%, to 16065, the S&P 500 (GSPC) advanced 8.9 points, or 0.5%, to 1805 and the Nasdaq Composite (IXIC) climbed 22.5 points, or 0.57%, to 3992.
For the week, the Dow rose 0.65%, the S&P climbed 0.37%, and the Nasdaq ticked up 0.14%.
It only took the blue-chip average 139 days to add 1000 points after closing at the 15000 on May 7. The markets have rallied in a big way this year, with the broader S&P 500 tacking on close to 26% this year.
The economic calendar is completely bare on the day. However, Federal Reserve governor Daniel Tarullo is set to speak in the afternoon. Traders have been paying close attention to remarks by Fed officials to determine their views on on monetary policy, although, this particular speech isn't expected to contain any policy hints.
In corporate news, Nike (NKE) boosted its dividend by 14%. Gap (GPS), meanwhile, reported a 9% increase in its quarterly profit. Microsoft (MSFT) is rolling to its Xbox One on the day as it looks to compete with Sony's (SNE) PlayStation 4.
In commodities, U.S. crude oil futures fell 4 cents, or 0.05%, to $95.39 a barrel. Wholesale New York Harbor gasoline dipped 0.11% to $2.741 a gallon. In metals, gold rose $2.10, or 0.16%, to $1,246 a troy ounce.