News Summary: Dow Closes Above 16,000

By The Associated Press

16K AND COUNTING: The Dow Jones industrial average closed above 16,000 for the first time after applications for unemployment benefits dropped last week. The number of applications, a proxy for how many workers are being laid off, is now near where it was before the Great Recession.

GOVERNMENT OUT OF GM: General Motors rose after the U.S. government said it expects to sell its remaining stake in the company by the end of the year. The Treasury Department still owns 31.3 million shares of the auto giant after bailing it out five years ago.

HOME FRONT: Williams-Sonoma jumped $4.23, or 7.6 percent, to $59.74 after the company said its third-quarter net income rose 16 percent as customers spent more at its West Elm and PBteen stores.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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