Dow Average Closes Over 15,000 For First Time

The Dow Jones industrial average has reached another milestone after closing above 15,000 for the first time in its 117-year history.

Keeping pace with global markets, the Dow rose 87 points on Tuesday - a gain of 0.6% - before closing at 15,056.

It was another key moment in the market's steady rise this year.

It is up 15% since January 1, and on February 1 the Dow closed above 14,000 for the first time since the global recession hit in 2007.

The Dow broke the 15,000 barrier on Friday following a strong US jobs report, but fell again below that mark before the day's close.

The Standard & Poor's 500 rose eight points on Tuesday to 1,625, also a record-high close. The Nasdaq rose four points to close at 3,396, up 0.1%.

Good economic reports, higher corporate profits and support from central banks are keeping investors optimistic that the economy is still on a path to recovery.

"The thing that's been driving stocks is rising confidence," said James Paulsen, chief investment strategist at Wells Capital Management.

"Economic growth, job creation and the housing market have been better than expected."

On Tuesday satellite television provider DirecTV and watch maker Fossil both reported quarterly earnings that beat expectations.

Some 80% of the companies listed in the S&P 500 index have reported profits in the first quarter of 2013.

"We don't think people are giving enough credit to the strength of the economy," said Ryan Detrick, a senior technical strategist at Schaeffer's Investment Research.

"We still like the market."

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