Dow closes above 11,000 for first time since May - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Dow closes above 11,000 for first time since May

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Trader Albert Young watches the board as he works on the floor of the New York Stock Exchange Friday, Oct. 8, 2010. (AP Photo/Richard Drew) Trader Albert Young watches the board as he works on the floor of the New York Stock Exchange Friday, Oct. 8, 2010. (AP Photo/Richard Drew)

NEW YORK (AP) — The Dow Jones industrial average is closing above 11,000 for the first time in five months as hopes build that the Federal Reserve will take more action to get the economy going again.

A weaker jobs report early Friday added to a series of tepid economic indicators in recent weeks that have added to expectations that the Fed will announce new steps to encourage borrowing when it meets in early November.

According to preliminary calculations, the Dow is closing up 58, or 0.5 percent, at 11,006.

The S&P 500 index gained 7, or 0.6 percent, to 1,165, and the Nasdaq gained 18, or 0.8 percent, to 2,402.

About three stocks rose for every two that fell on the New York Stock Exchange, where volume came to 945 million shares.

Copyright 2010 The Associated Press.

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