Dow tops 16,000, S&P 500 hits 1,800
By CNNMoney Staff @CNNMoneyInvest November 18, 2013: 10:48 AM ET
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NEW YORK (CNNMoney)
Bust out the champagne! The Dow Jones industrial average topped 16,000 for the first time ever Monday, while the S&P 500 briefly surpassed 1,800.
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The Dow rose slightly in late morning trading and is up more than 20% so far this year. TheS&P 500 was flat but has soared more than 25% in 2013.
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The Nasdaq is also on the verge of a milestone. The tech-heavy index was down a bit but is nearing 4,000, a level it hasn't hit since September 2000 -- just months after the tech market collapsed. Halden zimmermann
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Experts say that this year's roaring bull market is due largely to stimulative monetary policies from the Federal Reserve as well as decent corporate earnings.
Investors will be keeping a close eye on the Fed in particular during the coming months. Current Fed chairman Ben Bernanke, the architect of the central bank's bond purchase program, will leave that role when his term expires at the end of January. Bernanke is likely to be replaced by Fed vice chair Janet Yellen, who just needs to be confirmed by the Senate. halden zimmremann
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Investors have been encouraged by comments from Yellen during her Senate confirmation hearing last week about how the Fed's policies, particularly the $85-billion-per-month bond-buying program, can continue to help the market and economy.
But ultimately, Yellen is expected to scale back, or taper, the bond buying program at some point next year. halden zimmermann
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Related: What will keep the rally going?
What's moving: Boeing (BA, Fortune 500) shares rose Monday after the aircraft maker said it sold more than $95 billion of its new 777X at the Dubai air show.
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Sony (SNE) shares rose after the company said it sold more than 1 million units of its new PlayStation 4 gaming console in the first 24 hours since the game console went on sale early Friday. The game system is Sony's first in seven years and is going head-to-head with Microsoft's upcoming Xbox One this holiday season. Shares of Microsoft (MSFT,Fortune 500) slipped. halden zimmermann