By: JeeYeon Park
CNBC.com Writer
Stocks closed near session highs Thursday,
with the Dow logging its first 10th-straight winning streak since 1996
and the S&P 500 within a hair's breadth of its all-time closing
high, lifted by a better-than-expected jobless claims report.
"This could be the greatest bull run since the 80s only because there's nowhere else for investors to go," said Alan Valdes, director of floor operations at DME Securities. "The Fed's pumping $85 billion a month into the market so there's no way for it to go down, but everyone's got their finger on the trigger because they don't know when this is going to turn."
"This could be the greatest bull run since the 80s only because there's nowhere else for investors to go," said Alan Valdes, director of floor operations at DME Securities. "The Fed's pumping $85 billion a month into the market so there's no way for it to go down, but everyone's got their finger on the trigger because they don't know when this is going to turn."
The Dow Jones Industrial Average rallied 83.86 points, or 0.58 percent, to end at 14,539.14, led by Hewlett-Packard and IBM led the gainers, logging its first 10th-consecutive winning streak for the first time since November 1996.
The blue-chip index is up a cool 10 percent so far in 2013, on track to logging its best first-quarter performance since 1998. Historically, a strong first quarter indicates robust gains for the year. Since 1950, there have been only 12 other instances where the Dow was up more than 8 percent in the first quarter and in each of those years, the index finished positive 100 percent of the time.
The S&P 500 rose 8.71 points, or 0.56 percent, to close at 1,563.23. The Nasdaq gained 13.81 points, or 0.43 percent, to finish at 3,258.93.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended near 11, falling to a six-year low.
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