Dow average closes above 16,000 for the first time - 21 News Now, More Local News for Youngstown, Ohio -

Dow average closes above 16,000 for the first time

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  • Suspect in Trumbull County jail hostage crisis facing death penalty case

    Suspect in Trumbull County jail hostage crisis facing death penalty case

    Wednesday, April 23 2014 8:40 PM EDT2014-04-24 00:40:36 GMT
    One of the three inmates identified as being involved in a hostage situation at the Trumbull County jail faces criminal charges that could bring the death penalty if convicted.Authorities say that 29-year-old David Martin of Cleveland is awaiting trial for the murder of Jeremy Cole in Warren in October, 2012.Martin was a neighbor of Cole who was shot to death at a home on Oak Circle SW. A woman was also wounded during the crime.The Trumbull County Grand Jury handed up a ten count indictment a...More >>
    One of the three inmates identified as being involved in a hostage situation at the Trumbull County jail faces criminal charges that could bring the death penalty if convicted.Authorities say that 29-year-old David Martin of Cleveland is awaiting trial for the murder of Jeremy Cole in Warren in October, 2012.Martin was a neighbor of Cole who was shot to death at a home on Oak Circle SW. A woman was also wounded during the crime.The Trumbull County Grand Jury handed up a ten count indictment a...More >>
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    Three inmates named in Trumbull County jail hostage situation

    Three inmates named in Trumbull County jail hostage situation

    Officials said three inmates tackled and handcuffed a corrections officer on the third floor of the jail.  The inmates are holding the officer hostage, and throughout Wednesday afternoon a peace officer has been negotiating with them to get a safe & peaceful ending.More >>
    Officials said three inmates tackled and handcuffed a corrections officer on the third floor of the jail.  The inmates are holding the officer hostage, and throughout Wednesday afternoon a peace officer has been negotiating with them to get a safe & peaceful ending.More >>
  • Ohio State Highway Patrol captain retires after 37 years of service

    Ohio State Highway Patrol captain retires after 37 years of service

    Wednesday, April 23 2014 8:09 PM EDT2014-04-24 00:09:23 GMT
    Ohio State Highway Patrol District Captain Jim Holt is retiring on Friday after serving the force for over 37 years.More >>
    Ohio State Highway Patrol District Captain Jim Holt is retiring on Friday after serving the force for over 37 years.More >>

NEW YORK (AP) - The Dow Jones industrial average finished above 16,000 for the first time Thursday as the blue-chip index races toward its best performance in a decade.

The Dow has been on fire lately, propelled higher by a combination of solid corporate earnings, a steadily strengthening economy and easy-money policies from the Federal Reserve.

Since the start of the year, the Dow is up 22 percent and has now topped three 1,000 point milestones in 10 months. It eclipsed 14,000 in February and 15,000 in May. If it holds onto its gains, it would notch its strongest performance since 2003.

"The market has come a long way," said Dan Seiver, an economist at San Diego State University. "It's a sign of just how far financial markets have recovered."

The Dow has more than tripled since its bear market low in March 2009.

Back then, the country was in the worst downturn since the Great Depression, the housing market had collapsed and individual investors had abandoned stocks.

Now, with the economy recovering and confidence returning, small investors are coming back in.

"People are getting out of bonds into stocks," said Steven Ricchiuto, chief economist at Mizuho Securities. "We're in the early stages of a recovery."

The Dow rose 109.17 points, or 0.7 percent, to close at 16,009.99 Thursday. The Standard & Poor's 500 index rose 14.48 points, or 0.8 percent, to 1,795.85. The Nasdaq composite rose 47.88 points, or 1.2 percent, to 3,969.15.

In a sign that investors are taking on more risk, small-company stocks rose at a much faster pace than the rest of the market. The Russell 2000 index jumped 19.83 points, or 1.8 percent, to 1,119.62.

The Labor Department reported before the market opened that applications for unemployment benefits dropped last week to the lowest level since September. The number of applications is close to where it was before the Great Recession.

General Motors rose after the U.S. government said it expects to sell its remaining stake in the company by the end of the year. The Treasury Department got shares after bailing out GM five years ago, but once its sells, the automaker will be free of restrictions on executive pay that came with the bailout. It would also be free to pay dividends if it chooses.

GM gained 43 cents, or 1.1 percent, to $38.12. The stock is up 32 percent this year.

"Having the Treasury out is probably something that is going to be positive for the shares," said Jeff Morris, head of U.S. equities at Standard Life Investments. "Some investors are probably a bit spooked by having a meaningful amount of government ownership."

Johnson Controls was among the biggest gainers in the S&P 500. The company, which makes heating and ventilation systems for buildings, said its board approved a $3 billion increase in its share buyback program. The company rose $2.13, or 4.4 percent, to $50.35.

In government bond trading, the yield on the 10-year note edged down to 2.79 percent from 2.80 percent Wednesday. The yield, which is a benchmark used to set interest rates on many kinds of loans, including home mortgages, is the highest it's been since Sept. 17.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    Tuesday, April 15 2014 2:04 PM EDT2014-04-15 18:04:57 GMT
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark,More >>
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark, presented by Stanley E. Shearer with Northwestern Mutual and 21 WFMJ on Saturday, August 23, 2014 at Eastwood Field.More >>
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  • Restaurant plans new statue of Joe Paterno

    Restaurant plans new statue of Joe Paterno

    Wednesday, April 23 2014 12:57 PM EDT2014-04-23 16:57:56 GMT
     (AP) - Fans of the late Penn State University football coach Joe Paterno are planning to commission a new bronze statue of him, and place it across from the school. Organizers say the statue will feature Paterno sitting on a bench reading. It's expected to cost about $300,000 and would hopefully be done in 2015 by Philadelphia sculptor Zenos Frudakis. Penn State spokeswoman Lisa Powers says the school isn't involved in the plan. But a restaurant owner in downtown State Col...More >>
     (AP) - Fans of the late Penn State University football coach Joe Paterno are planning to commission a new bronze statue of him, and place it across from the school. Organizers say the statue will feature Paterno sitting on a bench reading. It's expected to cost about $300,000 and would hopefully be done in 2015 by Philadelphia sculptor Zenos Frudakis. Penn State spokeswoman Lisa Powers says the school isn't involved in the plan. But a restaurant owner in downtown State Col...More >>
  • Woman allegedly sold heroin from hospital bed

    Woman allegedly sold heroin from hospital bed

    Wednesday, April 23 2014 11:01 AM EDT2014-04-23 15:01:45 GMT
    A woman in western Pennsylvania is accused of selling heroin from a hospital intensive care unit and a hospital room.More >>
    A woman in western Pennsylvania is accused of selling heroin from a hospital intensive care unit and a hospital room.More >>
  • Jet stowaway undetected for hours before departure

    Jet stowaway undetected for hours before departure

    Tuesday, April 22 2014 11:44 PM EDT2014-04-23 03:44:25 GMT
    Surveillance cameras at San Jose International Airport successfully captured the teenager on the tarmac, climbing up the landing gear of a jet. But in the end, the cameras failed because no one noticed the security...More >>
    A 15-year-old stowaway who survived a flight over the Pacific in a jet's wheel well spent seven hours undetected in what is supposed to be a highly secure area of San Jose International Airport before the flight...More >>
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  • Can an app save the planet?

    Can an app save the planet?

    This startup's Earth Day launch has a massive goal: Cut carbon emissions globally. It has its work cut out for it.
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    This startup's Earth Day launch has a massive goal: Cut carbon emissions globally. It has its work cut out for it.
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  • 'Captain America' holds onto top box office spot

    'Captain America' holds onto top box office spot

    Monday, April 21 2014 10:47 PM EDT2014-04-22 02:47:39 GMT
    LOS ANGELES (AP) - Captain America really is unbeatable - at least at the box office"Captain America: The Winter Soldier" has been the top draw at theaters for three consecutive weeks, vanquishing would-be foes including the new thriller starring Johnny Depp.According to Monday's final box office figures, the Marvel sequel added $25.6 million in ticket sales over the weekend. "The Winter Soldier" has made more than $200 million domestically since logging the best April opening in history."Hea...More >>
    LOS ANGELES (AP) - Captain America really is unbeatable - at least at the box office"Captain America: The Winter Soldier" has been the top draw at theaters for three consecutive weeks, vanquishing would-be foes including the new thriller starring Johnny Depp.According to Monday's final box office figures, the Marvel sequel added $25.6 million in ticket sales over the weekend. "The Winter Soldier" has made more than $200 million domestically since logging the best April opening in history."Hea...More >>
  • Netflix poised to raise prices after strong 1Q

    Netflix poised to raise prices after strong 1Q

    Monday, April 21 2014 10:37 PM EDT2014-04-22 02:37:26 GMT
    SAN FRANCISCO (AP) - Netflix is preparing a sequel unlikely to be a hit with its subscribers. The Internet video service is about to raise its prices for the first time in three years to help pay for more Internet video programming such as its popular political drama "House of Cards."The increase, to take place sometime before July, will hike prices by $1 or $2 per month for new customers. The company's nearly 36 million current subscribers will continue to pay $8 per month for at least the n...More >>
    SAN FRANCISCO (AP) - Netflix is preparing a sequel unlikely to be a hit with its subscribers. The Internet video service is about to raise its prices for the first time in three years to help pay for more Internet video programming such as its popular political drama "House of Cards."The increase, to take place sometime before July, will hike prices by $1 or $2 per month for new customers. The company's nearly 36 million current subscribers will continue to pay $8 per month for at least the n...More >>
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