BUSINESS

Dow tops 18,000 as market extends all-time highs; Traders encouraged by US economic growth

12/23/2014 04:11 EST | Updated 02/22/2015 05:59 EST
The Dow Jones industrial average is breaking through another milestone, closing above 18,000 points for the first time following more encouraging news on the U.S. economy.

The government reported early Tuesday that the economy grew at a rapid annual rate of 5 per cent in the third quarter of the year, the fastest pace in more than a decade.

It was the fifth straight gain as the market shakes off the last of an early-December slump. The Dow and the Standard & Poor's 500 index are at all-time highs.

The Dow rose 64 points, or 0.4 per cent, to 18,024.

The S&P 500 rose three points, or 0.2 per cent, to 2,082.

The Nasdaq composite fell 16 points, or 0.3 per cent, to 4,765.

Energy stocks rose as the price of oil turned higher.