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S&P 500 closes above 2,000 for the first time

Traders work the floor of the New York Stock Exchange on Tuesday, as U.S. stocks continued their surge to record territory.

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Traders work the floor of the New York Stock Exchange on Tuesday, as U.S. stocks continued their surge to record territory.

It was a big round-number day for the stock market.

The Standard & Poor's 500 index closed a hair above 2,000 points Tuesday at 2,000.02, 16 years after it closed above 1,000 points for the first time.

The milestone added to the market's gains from the day before and extended the stock index's record-shattering run this year.

The S&P 500 index, a widely followed barometer of the stock market, has closed at a new high 30 times this year.

The index briefly rose past 2,000 on Monday, but closed just below that level. It still set a record-high close in the process.

"There's perhaps a small psychological boost when you get over such a significant price level," said Cameron Hinds, regional chief investment officer at Wells Fargo Private Bank.

U.S. stocks, in the midst of a five-year rally, have surged in the final weeks of the summer after dipping earlier this month on concerns about geopolitical tensions in Russia and the Middle East.

Associated Press

S&P 500 closes above 2,000 for the first time 08/26/14 [Last modified: Tuesday, August 26, 2014 9:55pm]
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