Stocks soar to new record high; Dow flirts with 16,000

NEW YORK

The Dow Jones industrial average rose 85 points, or 0.5 percent, to 15,961 Friday.

The Standard & Poor's 500 index gained seven points, or 0.4 percent, to 1,798. The Nasdaq composite rose 13 points, or 0.3 percent, to 3,985 points.

Traders are hopeful that the Federal Reserve will continue its easy-money policies under incoming chief Janet Yellen. Yellen testified in a confirmation hearing in front of a Senate committee Thursday.

Two stocks rose for every one that fell on the New York Stock Exchange.

In government bond trading, the yield on the 10-year Treasury note rose to 2.71 percent.

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