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Happy Days Are Here Again!

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Long-term unemployment?
Who cares about long-term unemployment? Things are great!

The Dow Jones industrial average and Standard & Poor’s 500-stock index stalled after hitting record highs on Monday as investors kept their focus on economic stimulus prospects from the Federal Reserve.

Soon after trading began, the S.&P. crossed the 1,800-point mark for the first time, and the Dow industrial average surpassed 16,000 points for the first time.

In afternoon trading, the S.&P. was up just 0.1 percent, at 1,799.67 points and the Dow was up 0.4 percent, at 16,016.80; the Nasdaq composite (itself nearing 4,000 points, a level not reached since September 2000) was 0.1 percent lower, at 3,981.16.

The round numbers on major levels could provide some technical resistance at first, but clearing them could prompt more buying from investors and managers eager to chase performance.

Things are great for the people who count anyway.

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