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Dow industrial average tops 18,000

The worlds largest economy surged by 5 percent in the third quarter, expanding at the fastest pace since the same period of 2003, as U.S. consumers and businesses spent more than previously estimated.

By Andrew Reierson, Jeremy Herron | Updated on December 23, 2014
(AP Photo/Seth Wenig)

(Bloomberg) — Stocks rose a fifth day, sending the Dow Jones Industrial Average past 18,000 for the first time, while Treasuries fell as data showed the economy grew at the fastest pace in a decade. European equities extended a rally, the ruble advanced and oil climbed.

The Standard & Poor’s 500 advanced 0.1 percent to a record at 10:38 a.m in New York, while the Dow average added 66.53 points to 18,025.97. The Nasdaq 100 Index retreated 0.4 percent as biotechnology shares in the gauge plunged a second day. The Stoxx Europe 600 Index increased 0.4 percent, heading for its sixth gain in the longest winning streak since April. The yield on 10-year Treasury notes rose four basis points to 2.20 percent. The Bloomberg Dollar Spot Index touched a five-year high as oil appreciated.

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