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Taxpayers must pay the freight for over-budget train projects
Topic - Kinahan
The stock market held at record levels Thursday as investors became harder to please.
Stocks edged lower on Wall Street on Monday after an industry group reported that U.S. manufacturing growth cooled in March and was weaker than economists had forecast.
Stocks advanced Thursday morning, pushing the Standard and Poor's 500 to another five-year high, after strong reports on housing starts and unemployment claims made investors more optimistic about the U.S. economy.
The stock market enjoyed some Black Friday cheer, rising sharply as shoppers braved the annual post-Thanksgiving rush. Major stock indexes closed one of their best weeks of the year.
Downbeat reports from Alcoa and Chevron at the start of corporate earnings season pulled stock indexes lower for a third straight day Wednesday. The Dow Jones industrial average slumped 128 points, its steepest loss since late June.
A pair of encouraging reports about the housing market gave U.S. stocks a little boost Wednesday.
The last time the stock market was this high, the Great Recession had just started, and stocks were pointed toward a headlong descent. But on Thursday, the Dow Jones industrial average hit its highest mark since December 2007, and the Standard & Poor's 500 index soared to its highest level since January 2008.
Slightly better economic growth and stronger housing sales nudged the stock market higher Wednesday. The Dow Jones industrial average managed a four-point gain.
Shoppers are starting to spend, but business owners aren't so sure their customers will keep coming back.
"It's the vote of confidence," Mr. Kinahan said. "It should mean that the overall economy is healthy."