Economy, Good News | featured news

The Dow Jones industrial average has reached another milestone, recording its longest winning streak since 1996. The index rose for the 10th time in a row Wednesday, gaining 83 points to close at 14,539, an increase of 0.6 percent.

Fewer Americans sought unemployment aid last week, reducing the average number of weekly applications last month to a five-year low. The drop shows that fewer layoffs are strengthening the job market. The Labor Department says applications fell 10,000 to a seasonally adjusted 332,000. That pushed the four-week average to 346,750, the lowest since March 2008, just several months after the Great Recession began. Applications are a proxy for layoffs. They have fallen nearly 13 percent since November.

Retail sales rose more than expected in February as Americans bought motor vehicles and a range of other goods even as they paid more for gasoline, suggesting consumer spending this quarter will hold up despite higher taxes.

U.S. employers advertised more job openings in January, suggesting that hiring will remain healthy in coming months. Job openings rose 2.2 percent in January from December to 3.69 million, the Labor Department said Tuesday. Openings had fallen nearly 5 percent in December, and they remain below November's level of nearly 3.8 million.

U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7 percent from 7.9 percent in January. Stronger hiring shows businesses are confident about the economy, despite higher taxes and government spending cuts.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting a pick-up in the labor market recovery.

A private survey shows U.S. businesses added a solid number of jobs in February, indicating higher taxes and looming government spending cuts have yet to slow hiring.

U.S. service companies grew in February at the fastest pace in a year, buoyed by higher sales and more new orders.

Despite everything, the stock market is back at a record high. The Dow Jones industrial average, which measures the performance of 30 blue-chip companies, rose more than 140 points in afternoon trading on Tuesday, surpassing its previous record close of 14,164.53, which it achieved nearly five and a half years ago, as well as its record intraday high, set around the same time, of 14,198.10.

U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season.