Business, Economics and Jobs

S&P 500 closes above 1500, first time in 5 years


The New York Stock Exchange Dec. 10, 2012 in New York City, New York.


Spencer Platt

NEW YORK - Standard & Poor's 500 closed above 1,500 on Friday for the first time in five years.

Wall Street enjoyed the index's eighth straight day of gains. The Dow Jones industrial average closed up 46 points at 13,825 and the Nasdaq closed 19 points up, the Associated Press reported.

The last time the S&P closed above 1,500 was in December 2007. The market gains come after strong quarterly earnings reports from Starbucks and Procter & Gamble.

More from GlobalPost: Apple shares plunge 12 percent, again

CBS Marketwatch reported the close is "psychologically important" and could bring some investors back into the market.

“A lot of folks still on the sidelines from 2007 thinking the world is coming to an end may reconsider equities," Art Hogan, market strategist at Lazard Capital Markets, told CBS Marketwatch. “It’s one of the infrequent times that Wall Street news makes the Main Street media in a positive fashion.”

As GlobalPost reported, this week Exxon Mobil Corp. pulled ahead of Apple as the world's most valuable company as earnings reports sent Apple stocks plunging.

More from GlobalPost: World's most valuable company is Exxon, not Apple (VIDEO)