Stock Market, S&p 500 | featured news

A big gain in the job market is lifting the stock market to new milestones. The Dow Jones industrial average crossed 15,000 for the first time early Friday, and the Standard and Poor's 500 index, a broader market measure, broke through 1,600 for the first time.

The Federal Reserve says it may start dialing back asset purchases this summer, but Wall Street doesn't seem worried Wednesday with stocks flying Wednesday and driving the major averages to fresh nominal highs.

New York's Dow Jones share index sets a new all-time high, as does the broader based S&P 500 index. The rallies mean the stock markets are returning to levels not seen since before the global financial crisis.

The benchmark index has repeatedly come close in recent days, but has pulled back each time as investors grappled with concerns about the banking crisis in Cyprus. The benchmark index was recently trading over 1,565.15 points, up 0.2 percent, despite a report of rising claims for unemployment benefits.

The Dow and S&P 500 gained to finish at five-year highs in choppy trading Tuesday, ahead of President Barack Obama's State of the Union address later this evening.

Stocks accelerated their post-election sell off across the board Wednesday, triggered by worries over the looming "fiscal cliff" and re-emerging fears over Europe's economy. The Dow fell below 13,000, while the S&P 500 traded under 1,400 for the first time since early September.

U.S. stocks rose on Wednesday after an encouraging start to earnings season helped equities rebound from five days of losses that pushed the S&P 500 and the Nasdaq below key technical levels.

Stocks are pulling back sharply on Wall Street as investors get their first chance to react to a slowdown in hiring in the United States in March. The Dow Jones industrial average dropped 152 points to 12,908 shortly before noon Monday. The Standard & Poor's 500 index was off 18 at 1,380, and the Nasdaq composite lost 36 points to 3,044.

Since October, estimates for first-quarter earnings growth have tumbled while the S&P 500 has surged. With the earnings season starting next week, the outlook is not as sunny as in previous quarters.

A rally on Wall Street will be put to the test next week, with the S&P 500 at its highest level since before the collapse of Lehman Brothers in 2008.