S&P breaks 1000 for first time this year


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    Traders worked on the floor of the New York Stock Exchange Monday.
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The US stock market has made the dismal lows of March look like a distant memory.

Stock indexes now stand at their highs for the year. Two of the indexes hit milestones Monday.

The Standard & Poor's 500 index crossed the 1000 level for the first time since Nov. 4. The Nasdaq broke 2000 for the first time since Oct. 1, 2008, closing at 2008.61.

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The Dow Jones Industrial Average also reached its highest level since Nov. 4, closing at 9286.56. That represents a 14 percent climb in just over three weeks.

Whether the rally is sustainable is anybody's guess with many forecasters suggesting that a long bout of weak growth lies ahead.

What is clear is that the Dow has rebounded more than a third (36 percent) from the plunge it endured between late 2007 through early 2009. (For the S&P, it's 37 percent.)

That's a dramatic recovery, even for skeptical bears.

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