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DJIA higher after historic close

NEW YORK, March 6 (UPI) — The Dow Jones industrial average rose from a record high close Wednesday with investors wondering how long can the winning run last.

The DJIA closed at 14,253.77 points Tuesday, eclipsing its previous closing peak of 14,164.53 reached in October 2007.

“The market has momentum. I think we go higher until you have an event that suggests things aren’t as rosy as people think,” said Russ Koesterich, global chief investment strategist at asset managing firm BlackRock Inc.

Among the doubts was confidence, The Wall Street Journal reported.

“There is this new found courage,” said Erik Davidson, deputy chief investment officer of Wells Fargo Private Bank. The economy “is a lot less worse than people had feared,” he said.

On Wednesday, payroll firm Automatic Data Processing Inc. said 198,000 jobs were added to the private sector in February, about 28,000 more than economists had predicted. The gains were the smallest of the past four months, however.

In early afternoon trading Wednesday, the DJIA added 41.89 points, or 0.29 percent, to 14,295.66. The Standard and Poor’s 500 index added 1.26 points or 0.08 percent to 1,541.05. The Nasdaq composite shed 2.43 points or 0.08 percent to 3,221.70.

The 10-year U.S. treasury note fell 10/32 to yield 1.934 percent.

Against the dollar the euro was lower at $1.299 from Tuesday’s $1.3051. Against the yen, the dollar was higher at 93.88 yen from 93.29 yen.

In Tokyo, the Nikkei 225 rose 2.13 percent on a gain of 248.82 points, to 11,932.27.

In London, the FTSE 100 index shed 0.07 percent, 4.31 points, to 6,427.64.

Copyright 2013 United Press International, Inc. (UPI).

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