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Dow Jones tops 25,000 milestone as Wall St extends New Year's rally

The 30-member blue-chip Dow Jones index crossed five 1,000-point marks in 2017
The 30-member blue-chip Dow Jones index crossed five 1,000-point marks in 2017

The Dow Jones broke above the 25,000 level for the first time on Wall Street last night and other major indexes hit closing record highs again. 

The shares are being propelled by strong global economic data that extended the New Year's rally for the US stock market. 

The 30-member blue-chip index crossed five 1,000-point marks in 2017 on solid corporate earnings and hopes for a pro-growth agenda by US President Donald Trump. 

It took less than a year for the Dow to add a 5,000-point milestone, which is the fastest since the index was created in May 1896. 

Wall Street has started 2018 on a strong note. The benchmark S&P index closed above 2,700 for the first time on Wednesday and the Nasdaq settled above 7,000 a day earlier. 

Both indexes also registered closing record highs last night. 

Strong manufacturing and services sector data from the world's largest economies provided a bullish tone yesterday, while other data showed US private employers stepped up hiring in December. 

Today will bring the key US non-farm payrolls report. 

The Dow Jones Industrial Average rose 152 points (0.6%) to close at 25,075, while the S&P 500 gained 11 points (0.4%) to end at 2,724 and the Nasdaq Composite added 12 points (0.18%) to finish at 7,078. 

The Cboe Volatility Index, better known as the VIX and a popular options-based gauge of expected near-term price volatility, closed at 9.22.

The index has been flirting with record lows in recent months.

Volumes on Wall Street held up despite a powerful blizzard that caused power outages and travel problems in the US Northeast, and walloped New York city with snow. 

About seven billion shares changed hands on US exchanges, above the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Meanwhile, Tokyo's Nikkei index closed at a 26-year high for the second consecutive day in earlier trade today after Wall Street's record-setting advance.

The Nikkei, which hit its best level since January 1992 on the first trading day of 2018 yesterday, added another 208 points (0.89%) to close at 23,714.53.