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Dow tops 18,000 as market reaches new highs

Peter Tuchman wears a "DOW 18,000" hat on the floor at the New York Stock Exchange in New York, Tuesday, Dec. 23, 2014. U.S. stocks pushed further into record territory on Tuesday as the Dow Jones industrial average crossed past the 18,000-point mark for the first time. (AP Photo/Seth Wenig)
Peter Tuchman wears a "DOW 18,000" hat on the floor at the New York Stock Exchange in New York, Tuesday, Dec. 23, 2014. U.S. stocks pushed further into record territory on Tuesday as the Dow Jones industrial average crossed past the 18,000-point mark for the first time. (AP Photo/Seth Wenig)

By Associated Press 1 min read

The Dow Jones industrial average is breaking through another milestone, closing above 18,000 points for the first time following more encouraging news on the U.S. economy.

The government reported early Tuesday that the economy grew at a rapid annual rate of 5 percent in the third quarter of the year, the fastest pace in more than a decade.

It was the fifth straight gain as the market shakes off the last of an early-December slump. The Dow and the Standard & Poor’s 500 index are at all-time highs.

The Dow rose 64 points, or 0.4 percent, to 18,024.

The S&P 500 rose three points, or 0.2 percent, to 2,082.