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Dow closes above 15,000 for the first time

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange on Monday. After a week where the Dow Jones industrial average closed at record highs, U.S. stocks were down slightly after the opening bell. (May 6, 2013) Photo Credit: Getty Images

Just two months after recovering the last of its losses from the financial crisis, the Dow Jones industrial average charged higher Tuesday, closing above 15,000 for the first time.

It was another milestone in the market's epic ascent of 2013.

Good economic reports, strong corporate earnings and fresh support from central banks have eased investors' concerns about another economic slowdown.

Wall Street has climbed almost 15 percent since Jan. 1.

News of stronger hiring over the past three months briefly propelled the Dow over 15,000 on Friday, but it ended the week below that mark.

The Dow closed at 15,056.20, up 87.31 points. The Standard & Poor's 500 index rose 0.5 percent to 1,625.96.

Both indexes reached all-time highs earlier this year, then kept climbing, largely driven by optimism that the U.S. economy will continue gaining strength.

The new milestone comes after investor Warren Buffett said on Monday the stock market looked "reasonably priced" even after its surge.

But, Buffett added, people pay too much attention to markets reaching new highs. They ought to pay attention when markets hit new lows.

"That's when stocks are getting cheaper," Buffett said.

In other trading, the Nasdaq composite rose 0.1 percent to 3,396.63. -- AP

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