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Thursday, December 26, 2013

Wall Street closed at new record highs

Wall Street closed at new record highs

 Stocks on Wall Street continue their passionate journey this year , closed at a new record high on Thursday (Friday morning GMT ) , following a drop in U.S. jobless claims report .

The Dow Jones Industrial Average surged 122.33 points ( 0.75 percent ) to finish at 16,479.88 , closing at a record high for the sixth session in a row .

The S & P 500 , closed at a record high for the fourth session in a row , increased 8.70 points ( 0.47 percent) to 1842.02 . The tech-rich Nasdaq composite index rose 11.76 points ( 0.28 percent) to 4167.18 .

According to an AFP report , the latest record occurred after the U.S. Labor Department data showed first-time claims for unemployment benefits fell to 338,000 from 380,000 the previous week's figure adjusted . Analysts had projected 350,000 claims will be filed .

Other economic news was better than expected in recent days have increased confidence in the outlook for the U.S. , after the Federal Reserve on December 18 announced it will reduce its bond purchase program .

The yield on U.S. government 10-year reached 3.0 percent on Thursday morning before pulling back . Higher yields are sometimes weaken enthusiasm for equities , but the recent rise gradually, said Michael Gayed , chief investment strategist at Pension Partners .

" If you have a spike in yields , it is negative , " said Gayed .

" But as yields rise despite the Fed gradually reducing the stimulus , it means there is an increased sense of confidence that the stock market does not need more stimulus the Fed . "

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