Dow breaks above 11K for first time since June 2001

Via Fox:

NEW YORK — The Dow Jones industrial average rose above the psychologically significant 11,000 point mark for the first time since June, 2001 Monday as stocks continued their recent rally.

The Dow Jones industrial average was up 42.51 points, or 0.39 percent, at 11,001.82, after climbing as high as 11,003.50 just after 1 PM EST. The Standard & Poor’s 500 Index was up 3.18 points, or 0.25 percent, at 1,288.63. The technology-laced Nasdaq Composite Index was up 12.24 points, or 0.53 percent, at 2,317.86.

In 2005, the Dow failed three times to break through the psychologically significant 11,000, a level not breached since June 13, 2001 when stocks were falling.

On Friday, the Dow closed about 41 points below 11,000 as stocks capped a week-long rally and pushed the major indexes to their highest closes in 4 1/2 years.

“It feels like the market’s going higher. It’s kind of impressive considering the rally on Friday,” said Rich Parker, head of trading at Stanford Group. “The next hour or so is going to be important. If it hangs in here or goes higher, it will probably lift the market significantly higher.”