Stock market pushed to new highs

Buyers in the stock market have pushed indices to new highs. Investors are rallying around remarks by the president of the federal reserve bank of Kansas City, Thomas Hoenig, who predicts housing should strengthen later this year. For the second day in a row the Dow Jones has been poised to crack the 14,000 mark. When the big board on Wall Street ticked over 14,000 early in the day another millennial milestone was set, and in almost record time. It took just three months for the Dow average to go from 13,000 to 14,000, a stock market run-up that was only bettered during the go-go days of the dot-com boom. Analysts say the US stock market is doing well because big American companies are increasingly finding profit growth overseas, so while the US has been seeing a slowing economy, companies have had great success selling to people in Europe and Asia. A weak dollar is also helping the stock market grow, as American-made goods are cheaper for buyers overseas. Analysts say the bull run will probably continue, as it's not just the Dow setting new records. The S&P 500, which tracks the value of almost all major US stocks, has been hitting record highs for the past several months, as well. It was a short-lived milestone for Wall Street. The Dow Jones industrial average passed the 14,000 mark for the first time, in the first hour of trading, but the stock market's best-known indicator has since moved back into the 13,000s, closing at 13,971.

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