The Dow Jones Industrial Average closed above the psychological threshold of 16,000 for the first time on Thursday, extending a rally in which the gauge has added over 22 per cent this year.
The index rose 109.17 points (0.69 per cent) to a new closing high of 16,009.99.
The broad-based S&P 500 jumped 14.48 points (0.81 per cent) to 1,795.84, while the tech-rich Nasdaq Composite Index leapt 47.88 points (1.22 per cent) to 3,969.15.
Thursday’s rise comes on the heels of buoyant economic data, including a drop in weekly US jobless claims and data from the Markit analysis group that showed rising US manufacturing activity this month.
Analysts also cited the US Senate Banking Committee’s confirmation of Federal Reserve vice-chairman Janet Yellen to take over the central bank.
Yellen is seen by investors as unlikely to quickly scale back the Fed’s aggressive stimulus, which has helped fuel this year’s rally.
When prices fall, there’s somebody stepping in to buy