TECH STOCKS: Dow Soars Past 10,000

The Dow Jones industrial average closed above 10,000 for the first time in more than 18 months, offering evidence of confidence in the economic recovery.

Boosted by better-than-expected November retail sales and indications that the Federal Reserve won't raise interest rates soon, the Dow on Thursday rose 86.30 points, or 0.9%, to 10,008.16. The last time the Dow closed above 10,000 was May 24, 2002, when it stood at 10,104.26. It has bounced back after dropping as low as 7,286.27 on Oct. 9, 2002.

Other indexes also finished higher. The InformationWeek 100 rose 8.12 points, or 2.7%, to 304.34. The Nasdaq composite index rose 37.67 points, or 2%, to 1,942.32. The Standard & Poor's 500 index rose 12.16 points, or 1.2%, to 1,071.21. The Nasdaq-100 tracking stock rose 74 cents to $35.30, as more than 108.2 million shares changed hands.

Stocks soared in the late afternoon after the Fed released minutes indicating its concerns about a sluggish job market--a sign that it will keep interest rates low.

Earlier in the day, the Commerce Department reported a 0.9% rise in November retail sales. It was the largest advance since August and beat the expectations of economists, who had forecast a 0.7% rise. Also, the Labor Department said new claims for unemployment benefits rose last week by a seasonally adjusted 13,000 to 378,000, suggesting the pace of layoffs is leveling off.