U.S. stocks rose, sending the Dow Jones Industrial Average
to its first close above 16,000, as data showed improvement in the job market
and companies including Union Pacific Corp., Johnson Controls Inc. and Ace Ltd.
said they would repurchase shares.
Union Pacific, Johnson Controls and Ace advanced at least
1.4 percent. Micron Technology Inc. rallied 6.3 percent, the most since August,
as David Einhorn, president of Greenlight Capital Inc., recommended the shares.
General Motors Co. (GM) gained 1.1 percent after the U.S. Treasury Department
said it plans to sell its remaining stake in the company. Target Corp. (TGT)
lost 3.5 percent after reporting profit that trailed analysts’ estimates on a
loss in its Canadian unit.
The Standard & Poor’s 500 Index increased 0.8 percent
to 1,795.85 at 4 p.m. in New York, erasing most of the decline from the past
three days. The Dow average rose 109.17 points, or 0.7 percent, to a record
16,009.60.
Investors are pouring more money into stock mutual funds in
the U.S. than they have in 13 years, attracted by a market near record highs
and stung by bond losses that would deepen if interest rates keep rising. Stock
funds won $172 billion in the year’s first 10 months, the largest amount since
they got $272 billion in all of 2000, according to Morningstar Inc. estimates.
(Source: Bloomberg)
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