The Dow Jones Industrial Average rose above 18,000 for the first time as faster-than-forecast growth in gross domestic product boosted confidence in the economy and overshadowed declines in health-care companies.
The Dow average added 66.66 points, or 0.4 percent, to a record 18,026.10 at 4 p.m. in New York. The Standard & Poor™s 500 Index rose 0.2 percent to 2,082.21, also reaching an all-time high. Both gauges have advanced five straight days. The Nasdaq Biotechnology Index slipped 4.6 percent for the biggest decline since April.
It™s been 172 days since the Dow closed above 17,000 on July 3, data compiled by Bloomberg show. That™s the fifth-fastest trip between thousands, with the record being 35 days to 11,000 in May 1999. It took the index almost 5,200 days to go from 1,000 to 2,000 between 1972 and 1987, according to Howard Silverblatt, an index analyst at the New York-based S&P Dow Jones Indices.
The Dow closed at an eight-month low on Oct. 16 before rallying more than 1,882 points, or 12 percent, to to top 18,000.