The following is an excerpt from Jill Schlesinger | February 3, 2012 | cbsnews.com |
(MoneyWatch) Investors donned their rally caps, propelling U.S. stocks to multi-year highs. The NASDAQ Composite closed up 46 points, or 1.6 percent, to 2906, its highest level since December 2000 (admittedly, a long way off from the NASDAQ’s March, 2000 all-time high of 5,048). The tech-heavy index is up 12 percent this year, its best start since 1991.
The Dow Jones Industrial Average gained 156 points, or 1.2 percent, to 12,862, the highest level on a closing basis since May, 2008.The Dow has to rise another 10 percent to reach its record close of 14,164, hit October 9, 2007. The S&P 500 added 1.4 percent to 1,344, for a fifth straight week of gains.Although the broader index is off to its best start to a year since 1987, it still hasn’t returned to its own post-crisis high.
Read more: CBSNEWS.com